7RFRQFOXGHWKHGHGLFDWLRQLVD/DWLQYHUVHRIKH[DPHWHUVE\0DUWtQ3HVFHQLRD IHOORZFKDSODLQDW'HVFDO]DV5HDOHVZKLFKH[SODLQVWKHH[SUHVVLRQ&\JQHDPFDQWLR QHP7KHYHUVHFRQFOXGHV
9LFWRULD\RXEHZDLORXUJHQHURXVSDWURQLQVRPRYLQJDVDGVRQJWKDW(XU\GLFH PRXUQLQJ 2USKHXV RU WKH VRQJ RI WKH G\LQJ VZDQ RU WKH VREV RI 3KLORPHQD VSULQJWRRXUPLQG&RQWLQXHIRUDORQJWLPHWRKHDSSUDLVHXSRQSUDLVH%HFRPH DQRWKHU7LPRWKHXVRI0LOHWXV5LVHXSOLNHDVZDQRQZLQJVJUDQWHGE\$SROORLQ DFFRUGDQFHZLWK\RXUQDPHZKLFKIXOILOOVKLVKDSS\SURSKHV\
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
'LIIHUHQFHVDSSHDULQWKHFKRLFHRIPRYHPHQWVRXWVLGHWKH0DVV7KRXJKERWKFRQ WDLQWKHUHVSRQVRU\/LEHUDPHDQGWKHVHFWLRQ7UHPHQVIDFWXVVXPHJRLQWLPHRHYHQ KDV LGHQWLFDO PXVLF WKH F\FOH DSSHQGV WZR UHVSRQVRULHV WR WKH 0DWLQV IRU WKH 'HDG3HFFDQWHPPH&UHGRTXRG5HGHPSWRUZKLOHWKHZRUNDWWDFKHVRQO\RQH UHVSRQVRU\9HUVDHVWLQOXFWXPDQGRQHOHVVRQ7DHGHWDQLPDPPHDP
$V9LFWRULD¶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
7KHFDQWXVILUPXV RI ERWK GHULYHV IURP WKH 0DVV IRU WKH 'HDG LQ WKH*UDGXDOH 5RPDQXPEXWWKHF\FOHHQWUXVWVLWWRWKHWUHEOHH[FHSWIRUWKHILUVWSDUWRIWKH .\ULHZKHUHWKHEDVVVRXQGVWKH*UHJRULDQFKDQWWKDWDSSHDUVLQORQJQRWHYDOXHV DQGWKHXQXVXDOO\WRWKHVHFRQGWUHEOHH[FHSWIRUWZRVHFWLRQV&KULVWHHOHLVRQ WHQRURIIHUWRU\DOWR
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±DGHVFHQGLQJRFWDYHEHIRUHDQDVFHQGLQJSHUIHFWILIWK±LV PXFKFRPPRQHU5HODWLYHO\IUHTXHQWLVDGHVFHQGLQJSHUIHFWRFWDYHFRPELQHGZLWKDQ DVFHQGLQJSHUIHFWIRXUWK,WLVZRUWKQRWLQJWKDWWKHVHLQWHUYDOVRFFXUPRVWRIWHQLQWKH EDVVTXLWHIUHTXHQWO\LQWKHILUVWWHQRUDQGUHODWLYHO\UDUHO\LQWKHVHFRQGWHQRUDOWRDQG ILUVWWUHEOHSDUWVZKLOHWKHVHFRQGWUHEOHVLQJLQJWKHFDQWXVILUPXVKDVRQHRQO\RQFH 2QHIHDWXUHRI3DOHVWULQD¶VPXVLFLVWRWU\WRILOOOHDSVLQDVIDUDVSRVVLEOH7KLV GUDZVDFOHDUGHPRQVWUDEOHGLVWLQFWLRQEHWZHHQWKHDVFHQGLQJDQGGHVFHQGLQJLQWHU YDOVKHILOOVLQXSZDUGOHDSVIDUPRUHFDUHIXOO\WKDQGRZQZDUG2IWHQDVHFRQGOHDS LQWKHRSSRVLWHGLUHFWLRQLVWKHUHVSRQVHWRDODUJHGRZQZDUGOHDSZKHUHDVDODUJHXS ZDUGOHDSLVDQVZHUHGPRVWRIWHQE\DGRZQZDUGVWHSSLQJPRYHPHQW9LFWRULD¶VZRUN RIKDVIUHTXHQWSDLUVRIOHDSVLQWKHVDPHGLUHFWLRQ$GHVFHQGLQJILIWKPD\EH IROORZHGE\DWKLUGLQWKHVDPHGLUHFWLRQRUPRUHFRPPRQO\DSHUIHFWIRXUWKRIILIWK UHVXOWLQJLQDQDJJUHJDWHOHDSRIDVHYHQWKRFWDYHRUQLQWK2QIRXURFFDVLRQVDGRZQ ZDUGSHUIHFWIRXUWKLVIROORZHGE\DGRZQZDUGSHUIHFWILIWK0RUHUDUHO\WKHUHDSSHDU FRQVHFXWLYHXSZDUGOHDSVWKHLQWHUYDOVEHLQJDQDVFHQGLQJSHUIHFWIRXUWKWKHQD SHUIHFWILIWKWZRDVFHQGLQJSHUIHFWIRXUWKVRUDQDVFHQGLQJSHUIHFWILIWKIROORZHG E\DSHUIHFWIRXUWK
7KHPRVWIUHTXHQWPHORGLFPRWLIVLQWKH5HTXLHPDUHFRPSRVHGRIIRXUTXDUWHU QRWHVLQYDULRXVFRPELQDWLRQV2QHRIWKHFRPPRQHVWFRQVLVWVRIIRXUDVFHQGLQJTXDU WHU QRWHV 6LPLODU LQ IUHTXHQF\ LV WKH RSSRVLWH IRXU GHVFHQGLQJ TXDUWHU QRWHV 2QO\
RQFH LV WKHUH D ILJXUH ZLWK D ORZ UHWXUQLQJ QRWH )±(±)±* QLQH WLPHV RQH ZLWK D UHWXUQLQJWKLUG&±'±(±&DQGWKUHHWLPHVRQHZLWKD&VKDUS±%±&VKDUS±$$SDUW IURPWKHTXDUWHUQRWHVHULHVLWLVZRUWKUHPDUNLQJRQDPRWLIRIWZRGRWWHGKDOIQRWHV WZRWKLUW\VHFRQGQRWHVDQGRQHKDOIQRWHRQHDVWHSZLVHGHVFHQGLQJPRWLIDQGWKH RWKHUDIRUPXODZLWKDORZHUUHWXUQLQJQRWH(±'±(±)DQG*±)±*±$
1RWHUHSHWLWLRQRFFXUVLQWKHZRUNLQWKUHHIRUPVSRUWDPHQWRDVD/DQGLQL FDGHQFHDQGDTXDUWHUQRWHILJXUHWKDWLVDOVRV\OODELILFDWLRQ&KDQJLQJQRWHVRFFXU DVIRXUQRWHVZLWKDUK\WKPRIDGRWWHGKDOIQRWH±TXDUWHUQRWH±KDOIQRWH±KDOIQRWH
DIRXUQRWHDXJPHQWHGIRUPDQGDQDUFKDLFWKUHHQRWHIRUP&URVVUHODWLRQDSSHDUV RQO\WKUHHWLPHVEHWZHHQWKHQRWHV&VKDUS±&DQG)±)VKDUS
2IWKHQRQKDUPRQLFWRQHVWKH±RFFXUVPRVWFRPPRQO\/HVVFRPPRQDUH±
WLPHVLQWKHZRUN$±UHWDUGDWLRQDQGDSDVVLQJVHYHQWKRFFXUWZLFHDQGD±
DQG±RQFHHDFKZKHUHDVDGRXEOH±±UHWDUGDWLRQFRPHVIRXUWLPHVDQGD±
±DQGD±±RQFHHDFKLQWKH2IILFLXP2IWKHIRXUQRWHFKRUGVDOOIRXULQYHU VLRQVDSSHDUXVXDOO\ZLWKYDOXHVRIDTXDUWHUQRWH&KRUGVRIDVHYHQWKDQGDILIWKVL[WK DSSHDUZLWKHTXDOIUHTXHQF\EXWWKLUGIRXUWKDQGVHFRQGVDUHIDUOHVVIUHTXHQWIRXU WLPHVDQGWZLFHUHVSHFWLYHO\
7KHWZRSDUWIRUPRIWKH2IILFLXPGHIXQFWRUXPLQWURLWIROORZVWKHDQWLSKRQSVDOWHU VWUXFWXUHRIWKH*UHJRULDQLWHP7KHILUVWSDUWLVEXLOWRXWRIWKUHHVHFWLRQVRIDQLPLWD WLYHQDWXUH
'RQDHLV'RPLQHEDUV±SHUIRUPVLPLWDWLRQRIWZRSULQFLSDOWKHPHVDWRQFH 6XEMHFW$WDNHVWKHPRYHPHQW¶V*UHJRULDQPHORG\DVLWVSDWWHUQLQWURGXFLQJPHO RGLHVLQWKLVRUGHUZLWKWKHIROORZLQJLQLWLDOQRWHV$&7U$7U)6XEMHFW
$ZLWKVWHSVRIDVHFRQGFRQWUDVWVZLWK%ZKLFKRSSRVHVWKHG\LQJWKLUGRUIRXUWK ZLWKDFRQVSLFXRXVILIWK7$7)7)7KHHQWU\RUGHUE\WKHWZRVXEMHFWV
LV$$%7WRJHWKHU$6%7WRJHWKHUDQG$7U%7([DPSOH
(WOX[SHUSHWXDEDUV±WKHFKDUDFWHULVWLFRIWKHVXEMHFWLVWKDWLWVWDUWVZLWKD JUHDWYDULHW\RIGHVFHQGLQJLQWHUYDOV7KHHQWU\RUGHURIWKHSDUWVWKHLQLWLDOQRWHV DQGWKHGHVFHQGLQJLQWHUYDOV7&$&7U$%)DWRQFH
$)7%7'DWRQFH%)$)
/XFHDWHLVEDUV±7KHSULQFLSDOVXEMHFWFRQWUDVWVZLWKWKHUHODWLYHPRELOLW\
RIWKHSUHYLRXVE\VWDUWLQJZLWKDOPRVWDOOSHUIHFWSULPHLQWHUYDOVIURPZKLFKWKH 7DQG$SDUWVGHSDUWLQDIHZFDVHVE\OLYHQLQJWKHVWDWLFQDWXUHRIWKHPHORG\ZLWK DQHQWU\VHFRQG7KHLPLWDWLYHSDUWVLQWKLVVHFWLRQIROORZH[WUHPHO\FORVH7&
Example 5: Officium defunctorum, Requiem aeternam introit, bars 1–4
%)7'6)$'DWRQFH7&%)$'7U&7)
$'7&7)$OOWKUHHVHFWLRQVHQGZLWKDQ),RQLFFDGHQFH
7KHVHFRQGJUHDWXQLWRIWKHLQWURLWZKLFKSURYLGHVDVL[SDUWVHWWLQJRIWKHSVDOP WH[WOLNHZLVHGLYLGHVLQWRWKUHHVHFWLRQVWKHEDVLFFKDUDFWHULVWLFEHLQJGRXEOHWKHPH LPLWDWLRQ7KLVSDUWLVOHVVXQLIRUPLQLWVVFDOHWKDQWKHSUHYLRXVDVWKH'$HROLDQPRGH RIWKHILUVWWZRXQLWVLVIROORZHGE\WKH),RQLFPRGHRIWKHWKLUG
(WWLELUHGGHWXUYRWXPLQ-HUXVDOHPEDUV±7KHILUVWWKUHHV\OODEOHVDUHKRPR SKRQHLQVWUXFWXUHZKLOHWKHUHVWLVSUHVHQWWKHSVDOPWH[WZLWKFORVHHQWULHVPDLQO\
RISDLUVRISDUWV$)7)WRJHWKHU7U&7$%)WRJHWKHU7U$
7KHWKUHHFRQVHFXWLYHSHUIHFWSULPHVJLYHWKHPDLQVHFWLRQRIWKHVXEMHFWDVWURQJ VLPLODULW\WRWKHWKHPHRIWKHWKLUGVHFWLRQ
([DXGL EDUV ±9LFWRULD FRPSRVHG IRU WKLV VLQJOH ZRUG VL[ EDUV RI GRXEOH WKHPHLPLWDWLRQ7KHLQWURGXFWRU\VXEMHFWLVDPRWLIWKDWDVFHQGVWKHQIDOOVEDFN 7U$%'7%7$7KHVHFRQGPD\RULJLQDWHIURPWKH*UHJRULDQWXQH ZLWKDPHORGLFOLQHDVFHQGLQJLQVWHSV7U)$&-XVWDVWKHILUVWVHFWLRQKDVLWV FRXQWHUSDUWLQWKHPDLQVHFWLRQVRWKLVXQLWLVDNLQWRWKHILUVWZLWKLWVLQWURGXFWLRQ RIGRXEOHWKHPHLPLWDWLRQDQGD*UHJRULDQSULQFLSDOVXEMHFW
2UDWLRQHPPHDPEDUV±7KLVVHFWLRQFDQEHVHHQWKHPDWLFDOO\DVDPLUURU LPDJHRIWKHODVW7KHLQWURGXFWRU\PRWLIFXUOVEDFNLQWKHRSSRVLWHGLUHFWLRQLH WKHPHORG\$GHVFHQGVDQGWKHQUHWXUQV7'%'7U'ZKLOHWKHDVFHQW LVDQVZHUHGLQWKLVVHFWLRQE\DULVLQJ%$)7)7KHFRPELQDWLRQRIWKHWZR EULQJVDERXWWKHIROORZLQJLPLWDWLRQRUGHU$7$%%$%7$7U 7KHIROORZLQJPRYHPHQWLVEDVLFDOO\KRPRSKRQH2QO\WKH&KULVWHHOHLVRQVHFWLRQ EULQJVVRPHYDULHW\LQDUHGXFWLRQRIWKHQXPEHURISDUWVDQGWKHXVHRILPLWDWLRQEDVHG RQWKH*UHJRULDQSULQFLSOHWKHPH7U)$&7U)7)7U'$&
Example 6: Officium defunctorum, Requiem aeternam introit, bars 10–13
7KHJUDGXDOOLNHWKHLQWURLWIROORZVDVWUXFWXUHRIPDLQVHFWLRQYHUVLFOHDQGDOVR GLYLGHVLQWRWZRXQLWV7KHILUVWFRQVLVWVRIWKUHHVKRUWSDVVDJHVDQGWKHVHFRQGRIWZR
$OOWKHIRUPDOXQLWVDUHLQ$±$HROLDQH[FHSWWKHILUVWSDVVDJHRIWKHYHUVLFOHZKLFKLV LQ&±,RQLDQ
'RQDHLV'RPLQHEDUV±7KHVXEMHFWZKLFKGURSVDWKLUGDQGUHWXUQVDJDLQ GHULYHVIURPD*UHJRULDQFKDQW7KHSDUWVMRLQLQUDSLGO\XQWLODOODSSHDU7U&
7&7)%)7&$)2QO\WKHEDVVDOWHUVWKHWKHPHE\DGGLQJDGRZQ ZDUGVHFRQGWRWKHGRZQZDUGWKLUGEHIRUHUHJDLQLQJWKHPHORGLFVWDUWLQJSRLQW (WOX[SHUSHWXDEDUV±7KHPXVLFWRWKHVDPHWH[WLQWKHLQWURLWDSSHDUVKHUH
LQDGRXEOHWKHPHYDULDQWWKHILUVW$FRQVLVWVRIIRXUTXDUWHUQRWHVZLWKWKHVDPH SLWFK7(7U(7&%$WRJHWKHU7U&$$WRJHWKHUDQGWKHVHF RQG%DUHILQHPHQWRIWKHODVWPDGHXSRIWKUHHTXDUWHUQRWHVIRXUHLJKWKQRWHVDQG RQHTXDUWHUQRWH7*%&7KHLPLWDWLRQLQWKHVHWZRWKHPHVWDNHVWKHIRUPRI
$7$7U7%WRJHWKHU$7U$RQFH%7$7%%WRJHWKHU
/XFHDWHLVEDUV±$JDLQDGRXEOHWKHPHSDVVDJHIROORZV7KHDOWRDQGVHFRQG WUHEOHVRXQGWKH*UHJRULDQFKDQWDEDUDSDUWVWDUWLQJIURP)WKHRWKHUSDUWVVLQJLQ LPLWDWLRQDVXEMHFWEHJLQQLQJZLWKDGRZQZDUGWKLUGLQZKLFKRQO\WKHILUVWWUHEOHLV H[FHSWLRQDOLQFRQVLVWHQWO\VXEVWLWXWLQJDGRZQZDUGVHFRQGIRUWKHWKLUG7&% )7)7&%&7'7'WRJHWKHU%*%'
7KHYHUVLFOHRIWKHJUDGXDOOLNHWKDWRIWKHLQWURLWEHJLQVZLWKDKRPRSKRQLFVHF WLRQHULWMXVWXVEDUV±7KHQLWEHFRPHVOLYHOLHUDQGLQVWHDGRILPLWDWLRQZLWKLQD SDUWWKHUHLVLPLWDWLRQEHWZHHQJURXSVRISDUWV%DUV±DEDXGLWLRQHPDODLVKHDUG ILUVWIURP7U&$$7)WRJHWKHUWKHQWKH7U)SDUWVDQGWKHQ7&% )7)$VZLWKWKHILUVWVHFWLRQWRWKH/XFHDWHLVWH[WWKHUHDSSHDUVIURPEDU D*UHJRULDQPHORG\WRFDQRQOLNHPDWHULDODFFRPSDQLHGE\LPLWDWLRQIURPDVXEMHFW PRYLQJLQEURDGHUVWHSV%XWLQVWHDGRIWKHDOWRVLQJLQJWKHFDQWXVILUPXVZLWKWKHVHF
Example 7: Officium defunctorum, Requiem aeternam gradual, bars 9–11
RQGWUHEOHWKLVLVQRZWDNHQRYHUE\WKHILUVWWUHEOH7U*7U&7KHLPLWDWLRQRQ DWKHPHXVLQJDQXSZDUGWKLUGDQGDGRZQZDUGIRXUWKLVEURXJKWRXWDVIROORZV$&
7&%)7)%&7'%*%'$OWKRXJKWKHUHLVQRVLPLODULW\
ZLWKWKHWKLUGVHFWLRQRIWKHPDLQPRYHPHQWLQWKHRUGHURIDSSHDUDQFHRIWKHSDUWV WKHUHLVDVWURQJRQHLQWKHLQWURGXFWRU\QRWHV
/LEHUDDQLPDVHRUXPEDUV±7KLVLVDEDVLFDOO\KRPRSKRQLFVHFWLRQZLWKD*±
0L[RO\GLDQFDGHQFH
)LGHOLXPGHIXQFWRUXPGHSRHQLVLQIHUQLEDUV±7KLVXQLWFRQVLVWVRIVL[DQG HLJKWEDUVZKHUHWKHILUVWSDUWXVHVDWKHPHRIWKUHHQRWHVDWWKHVDPHSLWFKIRUWKH LPLWDWLRQVHHWKHLQWURLWOXFHDWHLVLQWURLWYHUVLFOHUHGGHWXUYRWXPJUDGXDOHWOX[
SHUSHWXDZKLOHWKHVHFRQGSDUWVVKLIWVWKLVE\DKDOIRUZKROHGRZQZDUGLQWHUYDORI DVHFRQG7KHRUGHURILPLWDWLRQLVVWSDUW7U+7*WRJHWKHU7*7U
&%&WRJHWKHUQGSDUW7$7U$%'$'7U$7' 7U$7KHVFDOHRIWKLVXQLWLV'±'RULDQ
(WGHSURIXQGRODFXEDUV±7KLVVKRUWVHFWLRQLVDOVREXLOWRQLPLWDWLRQRID WKHPHRIWKUHHQRWHVRIWKHVDPHSLWFK7$%'7U'7U$$'WR JHWKHU7'7)WRJHWKHULQDQRWHVHULHVRI)/\GLDQ
/LEHUDHDVGHRUHOHRQLVEDUV±7KHILUVWVHFWLRQRIILYHEDUVXVHVIUHHLPLWD WLRQWRVHWWKHZRUGVOLEHUDHDV7KHWKHPHZKLFKEHJLQVZLWKDGRZQZDUGWKLUGDOVR DSSHDUVLQYDULDWLRQVRIGRZQZDUGDQGXSZDUGVHFRQGV7&%)7U$$(
7U(7$7KHWKHPHRIWKHVHFRQGVHFWLRQRIVL[EDUVGHRUHOHRQLVUHVWVRQ DVFHQGLQJLQWHUYDOVXVXDOO\IRXUWKVEXWRFFDVLRQDOO\DWKLUGRUDQRFWDYHDQGWZLFH DILIWK7U$7U(7'%'7*$'7*7KHVFDOHLV&±,RQLDQ 1HDEVRUEHDWHDVWDUWDUXVQHFDGDQWLQREVFXUXPEDUV±7KHSULQFLSDOWKHPH
KHUHLVKHDGHGE\DQXSZDUGVHFRQGDQGWKLUGRULQUHYHUVHRUGHUDQXSZDUGWKLUG DQGVHFRQG%&7U(7U&7$WRJHWKHU$&7*7)7U) 9LFWRULDWUHDWVWKHH[SUHVVLRQQHFDGDQWWRGHQVHLPLWDWLRQDQGVHYHUDONLQGVRIPH ORGLFOLQHWZRFRQVHFXWLYHGHVFHQGLQJWKLUGVDGHVFHQGLQJVHFRQGDQGWKLUG DQDVFHQGLQJVHFRQGDQGDGHVFHQGLQJWKLUGWKHUHYHUVHRIWKDWLHDGHVFHQG LQJWKLUGDQGWKHQDQDVFHQGLQJVHFRQG7KHVHFWLRQLVLQWKHVFDOHRI''RULDQ 6HGVLJQLIHUVDQFWXV0LFKDHOUHSUHVHQWHWHDVLQOXFHPVDQFWDPEDUV±7KH
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
WKHPHLVPRVWRIWHQDQXSZDUGWKLUGRUPRUHUDUHO\DIRXUWK$&7$%$7U (7U*WRJHWKHU7(7*WRJHWKHU7$%$WRJHWKHU7U$7U )7'WRJHWKHU$OOVPDOOHUXQLWVRIWKHVHFWLRQHQGLQ''RULDQ
4XDPROLP$EUDKDHSURPLVLVWLHWVHPLQLHMXVEDUV±7KLVSDUWZKLFKDFWV DVDUHSHWHQGDDJDLQVSOLWVLQWRVPDOOHUXQLWVZLWKWKHGHVFHQGLQJLQWHUYDOVRIWKH WKHPHLQWKHILUVWIRXUEDUVOHQGLQJVRPHXQLW\7U)6$%'WRJHWKHU7 '7'WRJHWKHU$'WKHVHFRQGIRXUDUH\HWDQRWKHUFDVHRIDVXEMHFWVWDUW LQJZLWKQRWHVRIWKHVDPHSLWFK$)VKDUS7$7U$%'WRJHWKHU7U '7'7KHQRWHVLQWKHFORVLQJSDVVDJHDUHDJDLQLQ''RULDQ9LFWRULDGLGQRW FRPSRVHWKHYHUVLFOHRIWKHRIIHUWRU\LQSRO\SKRQ\WKHFRPSOHWHHGLWLRQGRHVQRW LQFOXGHWKDWRUWKH*UHJRULDQFKDQWRIWKHUHSHWHQGD
$IWHUWKHORQJFRPSOH[PRYHPHQWRIWKHRIIHUWRU\9LFWRULDWXUQVIRUWKH6DQFWXV WRDUDWKHUVLPSOHUVHWWLQJ,PLWDWLRQSDUWVDSSHDULQWKHEDUV±6DQFWXV6DQFWXV$
$7U(7$$'EXWWKHGHFLVLYHWUHDWPHQWLVKRPRSKRQ\LQZKLFKWKHQRWH VHWRIEDUV±'RPLQXV'HXV6DEDRWKPRGXODWHVIURP)/\GLDQDWWKHHQGRIWKH ILUVWSDUWWR$$HROLDQWKHQ''RULDQLQWKH3OHQLVXQWFDHOLHWWHUUDJORULDWXDSDVVDJH XQWLO+RVDQQDLQH[FHOVLVFORVHVZLWK$$HROLDQDJDLQ$OVRKRPRSKRQLFLQVWUXFWXUH LVWKH)±/\GLDQILUVWHLJKWEDUVRIWKH%HQHGLFWXVEXWWKHVKRUWLPLWDWLRQSDVVDJHRIDQ DVFHQGLQJWKLUGDQGVHFRQGRIWKHFORVLQJ+RVDQQDLVLQ*0L[RO\GLDQ$$7) WRJHWKHU%'7$7U'
9LFWRULDXVHVVLPLODUO\VLPSOHPHWKRGVWRVHWWKHWH[WRI$JQXV'HL7KHILUVWXQLWLV HQWLUHO\KRPRSKRQLFVHWLQ''RULDQEDUV±2QO\DWGRQDHLVUHTXLHPGRHVDQLPL WDWLRQSDVVDJHDSSHDULQ*0L[RO\GLDQZLWKDWKHPHRIDGRZQZDUGILIWKDQVZHUHGE\
DQXSZDUGIRXUWKDSSHDU7$%'7'7'%*7&7KHWKLUG$JQXV 'HLVWDUWVZLWKDQLPLWDWLRQVHFWLRQLQ)±/\GLDQEDUV±DQGWKHQGLYLGHVWKHWH[W
Example 8: Officium defunctorum, Domine Jesu Christe offertory, bars 53–55
GRQDHLVUHTXLHPVHPSLWHUQDPILUVWFUHDWLQJDVKRUWLPLWDWLRQSDVVDJHIURPDVXEMHFW ZLWKDQDVFHQGLQJVHFRQGGRQDHLVUHTXLHP7*7U'$*DQGWKHQUHYHUVLQJ WKHDVFHQGLQJILIWKDVFHQGLQJIRXUWKWKHPHLQWRRQHRIDGHVFHQGLQJIRXUWKGHVFHQGLQJ ILIWKDQGFRPELQLQJWKHPWRHQGWKHPRYHPHQWLQ*0L[RO\GLDQVHPSLWHUQDP%'
7'7'$)ĻĹ%)ĻĹ%&ĻĹ
7KH FRPPXQLRQ OLNH WKH LQWURLW DQG JUDGXDO LV D PRYHPHQW LQ WZR SDUWV ERWK VXEGLYLGHGLQWRWKUHH$OODUH*0L[RO\GLDQLQNH\7KHILUVWSDUWRIWKHDQWLSKRQOX FHDWHLV'RPLQHEDUV±EHJLQVZLWKLPLWDWLRQWRDWKHPHRIDGHVFHQGLQJVHFRQG DQGWKLUGLQZKLFKWKHGHVFHQGLQJLQWHUYDOVWXUQRQFHIURPDVHFRQGWRDWKLUGDQG RQFHIURPDWKLUGWRVHFRQG7'%'7U$%*7U*ĻĻ$'ĻĻ 7KHVHFWLRQFXPVDQFWLVWXLVLQDHWHUQXPEDUV±LVDJDLQRQHRILPLWDWLRQZKRVH SULQFLSDOWKHPHLVDQDVFHQGLQJLQWHUYDOVHFRQGWKLUGIRXUWKILIWKDQVZHUHGE\D GHVFHQGLQJVHFRQG7KHVHULHVLVEURNHQRQO\E\DGHVFHQGLQJVHFRQGIURPWKHVHFRQG WUHEOHDQGDSULPHIURPWKHVHFRQGWHQRU7KHRUGHURIHQWU\RIWKHWKHPHWKHLQLWLDO QRWHVDQGWKHLQWHUYDOVDUH7$7'%*HJ\LGĘEHQ7U$7U
'7$$(7$%'7$7U$7U$Ļ7
*7KHILQDOSDVVDJHRIWKHPDLQVHFWLRQEDUV±FRQVLVWVRIWZRUHSHWLWLRQVRI TXLDSLXVDQGKRPRSKRQLFVHWWLQJRIWKHWH[WEDUV
7KHYHUVLFOHEHJLQVZLWKLPLWDWLRQE\YRLFHSDLUVHWOX[SHUSHWXDOXFHDWHLV±
WHP7U)7U$7$%)7U*Ļ7*Ĺ%)Ĺ$&7
&7U(ZKRVHIHDWXUHDJDLQLVDQXSZDUGWKLUGRQRQHRFFDVLRQHDFKDVHFRQG DQGILIWKDQGDSULPHDQGGHVFHQGLQJILIWK7KHFXPVDQFWLVWXLVLQDHWHUQXPEDUV
±LVFRPSRVHGOLNHWKHPDLQVHFWLRQVRWKDWWKHRUGHURISDUWHQWULHVFKDQJHVVOLJKW O\EXWWKHLQWHUYDOEHWZHHQWKHLQLWLDODQGDVFHQGLQJQRWHVUHPDLQV7$±$'
%*WRJHWKHU7U$7U'7$$(7$%'
7$%'7U$7U$ĻWRJHWKHU7*7KHWKLUGVHFWLRQ
4XLDSLXVHVEDUV±PDWFKHVWKHHTXLYDOHQWPDLQVHFWLRQSDVVDJH
,QIRUPVDQGNH\VWKH0RWHW9HUVDHVWLQOXFWXPLVRQHRIWKHPRVWFRPSOH[DQG YDULHGPRYHPHQWVLQWKH2IILFHIRUWKH'HDG,WGLYLGHVLQWRWKUHHPDLQXQLWVZKLFK EUHDN GRZQ LQWR PDQ\ VKRUWHU SDVVDJHV DQG VSDQ IRXU NH\V ''RULDQ &,RQLDQ )/\GLDQ*0L[RO\GLDQ
9HUVDHVWLQOXFWXPEDUV±7KHILUVW''RULDQVHFWLRQKDVWKUHHVXEMHFWVDQG DKLJKO\FRPSOH[VWUXFWXUH7KHILUVWWKHPH$VWDUWVZLWKDORZUHWXUQLQJQRWHDQG GHVFHQGVVWHSZLVHLQWKHIROORZLQJSDUWRUGHU7$7U$%$7U*
7KHVHFRQGWKHPH%UHYHUVHVWKLVZLWKDQDVFHQGLQJPHORG\HQGLQJZLWKDORZ UHWXUQLQJQRWH7$%$7U$7$7$7KHWKLUGWKHPH&KDVWZR DVFHQGLQJVHFRQGVDQGWKHQUHWXUQVVWHSZLVHWRWKHVWDUWLQJSRLQW$$7U*
&LWKDUDPHDHWRUJDQXPPHXPLQYRFHPIOHQWLXPEDUV±$IWHUDQDOWHUQDWLRQ RIWZRJURXSVRIWKUHHSDUWV7U$6)VKDUS$'WRJHWKHUDQG7$7 )VKDUS%'WRJHWKHUWKHZKROHFKRLUVLQJVLQYHU\GHQVHLPLWDWLRQDWKHPHWKDW
RSHQVZLWKGRWWHGTXDUWHUQRWHVDQGQRWHUHSHWLWLRQVDQGHQGVLQ&,RQLDQ7U(
7U$$'7'%'WRJHWKHU7*7KHPRELOLW\RIWKLVSDVVDJHFRQ WUDVWVZLWKWKHIROORZLQJIRXUEDUVHWRUJDQXPPHXPEDUV±XVLQJRQO\WKUHH SDUWV7U7U7ZKLFKEULQJVKRPRSKRQLFPXVLFLQ)/\GLDQ$WWKHHQGRIWKH VHFWLRQLQYRFHPIOHQWLXPEDUV±WKHUHLVDJDLQDUDSLGVXFFHVVLRQRISDUWHQ WULHVLQLPLWDWLRQWRWKHH[SUHVVLYHWKHPHEHJLQQLQJZLWKDUHWXUQLQJQRWH7&
$)7$%)WRJHWKHU7U$7*7KHVHFRQGPDLQIRUPDOXQLWHQGV LQ*0L[RO\GLDQ
3DUFHPLKL'RPLQHQLKLOHQLPVXQWGLHVPHLEDUV±9LFWRULDWXUQVWRGRXEOH WKHPLPLWDWLRQDJDLQLQWKHILUVWHLJKWEDUSDVVDJH3DUFHPLKL'RPLQH7KHILUVW WKHPH$DVFHQGVLQVHFRQGVDQGUHWXUQVWRLWVVWDUWLQJSRLQW7U$$'7U
Example 9: Officium defunctorum, Versa est in luctum, bars 1–10
'7$$$ZKLOHWKHVHFRQGWKHPHPRYHVLQJUHDWOHDSVĻ±Ĺ±Ļ±Ĺ±Ļ
%'7*7$7U$%$7KHWZRWKHPHVDUHKHDUGLQWKHIROORZLQJ
RUGHU$7U%%WRJHWKHU$$%7$7U%7$7%7U
%%$$7KHILQDOVHFWLRQRIWKH0RWHWUHWXUQVWRLPLWDWLRQZLWKWZRUHODW HG WKHPHV 7KH ILUVW KDV WKH UK\WKP KDOI QRWH±TXDUWHU QRWH±TXDUWHU QRWH±TXDUWHU QRWH LQ VHFRQGV EXW WKH SULQFLSDO WKHPH LWVHOI KDV IRXU QRWHV RI WKH VDPH SLWFK 7KHHQWU\RUGHUIRUWKHILUVWWKHPHLV7U(7$$(%$7(7U
$$(6$%)7U$7&$)7'WRJHWKHU7U$
6*7*%&WRJHWKHU7U($&WRJHWKHUDQGIRUWKHVHFRQG7U +7'WRJHWKHU7U+7+7KHWRQHVHULHVRIWKHSDVVDJHLV''RULDQ WKURXJKRXW
Example 10: Officium defunctorum, Versa est in luctum, bars 35–43
7KH/LEHUDPH5HVSRQVRU\KDVDXQLIRUPQRWHVHULHVRI''RULDQEURNHQEULHIO\
E\WKH$$HROLDQVHULHVRI4XDQGRFDHOLPRYHQGLVXQWHWWHUUD+RPRSKRQLFDQGSRO\
SKRQLFSDVVDJHVDOWHUQDWHLQDUHODWLYHO\EDODQFHGZD\LQWKLVPRYHPHQW
/LEHUDPH'RPLQH7KHIHDWXUHRIWKLVKRPRSKRQLFSDVVDJHLVWKHGHVFHQGLQJWULDG PHORG\WR/LEHUD
4XDQGRFDHOLPRYHQGLVXQWHWWHUUD7KHILUVWILYHEDUV4XDQGRFDHOLKRPRSKRQLF LQQDWXUHDUHLQ$$HROLDQ7KHQH[WXQLWLVOHQWPRELOLW\E\LPLWDWLRQHQWULHV7U
&7U(7$WRJHWKHU$)7$%'WRJHWKHU7'
7UHPHQVIDFWXVVXPHJRHWWLPHR7KLVWKUHHSDUWVHFWLRQ7U$%UHVWVRQLPLWD WLRQE\SDUWSDLUV7KHILUVWILYHEDUVDUHD%±7URFWDYHFDQRQ7UHPHQVIDFWXVVXP HJRIROORZHGE\DFDQRQDWWKHXQLVRQRIWKHDOWRDQGVHFRQGWUHEOHGXPGLVFXV VLRYHQHULW%($D7U($IUHHILIWKLPLWDWLRQIROORZVDWTXHYHQWXUDLUDWR ZKLFKDPRUHUK\WKPLFDOFRXQWHUSDUWWKDQWKHDOWRSDUWLVVXQJ7KHZKROHRIWKLV SDVVDJHLVLGHQWLFDOWRWKHHTXLYDOHQWVHFWLRQRIWKH0LVVDSURGHIXQFWLV 'LHVLOOD7KLVIRXUSDUW7U7U$7KRPRSKRQLFVHFWLRQFDQEHGLYLGHGLQWR
WKUHHSDUWV'LHVLOODGLHVLUDHEDUV±FDODPLWDWLVHWPLVHULDHEDUV±GLHV PDJQDHWDPDUDYDOGHEDUV±RIZKLFKWKHPLGGOHUHGXFHVWKHVWUXFWXUHWR WKUHHSDUWVRPLWWLQJWKHILUVWWUHEOH
$OO VL[ SDUWV UHWXUQ WR VLQJ WKH5HTXLHP DHWHUQDPSDVVDJH LQ ZKLFK WKH FKRUGDO VWUXFWXUHRIWKHILUVWVL[EDUV5HTXLHPDHWHUQDPGHYHORSVLQWRDQLPLWDWLRQRQDQ DVFHQGLQJVWHSZLVHPRWLIGRQDHLV'RPLQHEDUV±7$%'7$$'
%*$*ZKLFKOLNHZLVHJLYHVZD\WRDQLPLWDWLRQSDVVDJHRIOLYHOLHUUK\WKPHW OX[SHUSHWXDEDUV±$'%'7U)7U)7$WRJHWKHU7U$7
$%$WRJHWKHU7U'
7KHWZR.\ULHHOHLVRQUHVSRQVHVDQGWKHOHVVRQ7DHGHWDQLPDPPHDPIRUPDQHQ WLUHO\KRPRSKRQLFSLHFHEDVHGRQDOWHUQDWLRQRIFKRUGV
9LFWRULD¶V2IILFLXPGHIXQFWRUXPPDNHVPXFKXVHRIWKHDGYDQFHVLQ3DOHVWULQD¶V VW\OHEXWLWDOVRFRQWULEXWHVDODUJHDPRXQWRILQQRYDWLRQPHORGLFDOO\KDUPRQLFDOO\
DQGLQWHUPVRIIRUP3HUIRUPHUVRIWKHZRUNPD\KDYHGUDZQRQWKHLQVWUXPHQWDO SRWHQWLDOVRIWKHWLPHIRUWKHNLQJVRI$UDJRQ&DVWLOHDQG1DYDUUHKDGEHJXQE\WKH WKFHQWXU\WRVXSSRUWERGLHVRILQVWUXPHQWDOLVWVORXGDQGVRIWDORQJVLGHWKHLUIDP RXV FKDSHO FKRLUV 0RVW 6SDQLVK FRPSRVHUV ZKRVH SRO\SKRQLF ZRUN VXUYLYHV ZHUH DFWLYHDWRQHRIWKRVHWKUHHUR\DOFRXUWV,QVWUXPHQWDOLVWVZHUHDOVRDSSHDULQJLQWKH FKXUFKHVQRWDEO\EUDVVDQGVKDZPSOD\HUV,QGHHGWKHVWDWXWHVRIWKHPRQDVWHU\
RI'HVFDO]DV5HDOHVLVVXHGE\3KLOLS,,,SUHVFULEHGUHJXODUXVHRIWKHGXOFLDQLQGDLO\
PXVLFDOSHUIRUPDQFHDQGWRDFFRPSDQ\WKHFKRLU%RWKWKHKHDGRIWKHFKDSHODQGWKH VLQJHUVH[DPLQHGDEDVVRRQSOD\HUEHIRUHKLVDSSRLQWPHQW
7KHPRVWHYLGHQFHRIWKHXVHRIPXVLFDOLQVWUXPHQWVLQFKXUFKFHUHPRQLHVFRPHV IURP6HYLOOHZKHUHWKHFKDSODLQERXJKW³DFHUWDLQERRNRIPXVLFIRUWKHVKDZPV´LQ ,QWKHPLQVWUHOVDVNHGIRU³DYROXPHRIWKHPDVVHVRI0DVWHU*XHUUHUR´
DQGKDGDFRS\RIWKH0DWLQV9HQLWHUHSDLUHG,QWKHLQVWUXPHQWDOLVWVUHTXHVWHG DQRWKHUERRNDQGLQERXJKWDYROXPHRI9LFWRULD¶VPRWHWVH[SUHVVO\IRUWKHVLQJ HUVQRWWKHSOD\HUVVRVXJJHVWLQJWKDWVFRUHVDFTXLUHGZHUHJHQHUDOO\EHLQJSDVVHG VWUDLJKWWRWKHVKDZPSOD\HUVDQGWURPERQLVWV
:KDWLQVWUXPHQWVZHUHSOD\HGZKHQ9LFWRULD¶VZRUNZDVSHUIRUPHG"7KHIRUPHU FDSLWDO7ROHGRLVNQRZQWRKDYHHPSOR\HGDQRUFKHVWUDDWLWVFDWKHGUDOLQ7KHUH ZHUHLQVWUXPHQWVEHLQJSOD\HGDW$YLOD9LFWRULD¶VELUWKSODFHLQ6RLWLVFRQFHLY DEOHWKDWSOD\HUVZRXOGKDYHEHHQKLUHGIRUWKH2IILFHRIWKH'HDGSUHVHQWHGLQKRQRXU RIWKHZLGRZHGHPSUHVVWKHVLQJHUVPD\KDYHEHHQMRLQHGE\FRUQHWVWURPERQHVDQG GXOFLDQVWRDFFRPSDQ\WKHPDQGFRQWULEXWHWRHYHQWVVXFKDVSURFHVVLRQV
(QJOLVKWUDQVODWLRQE\%ULDQ0F/HDQ
3UHVXPDEO\WKH/LEHUSULPXVPLVVDUXPZKLFKDSSHDUHGLQ3DULVLQ
5REHUW0XUUHOO6WHYHQVRQ/DP~VLFDHQOD&DWHGUDOGH6HYLOOD±'RFXPHQWRVSDUDVX HVWXGLR0DGULG6RFLHGDG(VSDxRODGH0XVLFRORJtD
&KDQJHLQWKH&DQWDWD6W\OH RI-RKDQQ6HEDVWLDQ%DFK
7KLVZULWLQJLVDQH[WUDFWIURPWKHDXWKRU¶V'/$GLVVHUWDWLRQ$OLSFVHL7DPiVLVNROD ]HQHPĦWiUiQDNKDWiVD-6%DFK/LSFVpEHQtURWWHJ\Ki]LNDQWiWiLUD$OLSFVHLNRUiOWUDGtFLy
WRYiEE|U|NOĘGpVH%DFKNDQWiWiLEDQ>7KHLQIOXHQFHRIWKH/HLS]LJ6W7KRPDV6FKRRORQ -6%DFK¶VFKXUFKFDQWDWDVZULWWHQLQ/HLS]LJ7KHLQKHULWDQFHRIWKH/HLS]LJFKRUDOH
WUDGLWLRQLQ%DFK¶VFDQWDWDV@GHIHQGHGLQUHVHDUFKGLUHFWRU.DWDOLQ.RPOyV
&KRUDOHVHWWLQJVLQWKHSUH/HLS]LJDQG /HLS]LJFDQWDWDV±FRPSDULVRQ
,WZDV$OIUHG'UUZKRILUVWGHPRQVWUDWHGWKDWRI%DFK¶VFRPSOHWHGFDQWDWDVZHUH ZULWWHQLQDQHDUOLHUSKDVHRIKLVFUHDWLYHOLIHSULPDULO\LQ:HLPDU:HNQRZPDQ\RI WKHVHLQWKHLUODWHU/HLS]LJIRUPDIWHU%DFKKDGSHUIRUPHGWKHPDJDLQDQGVXEMHFWHG WKHPWRUHYLVLRQVRIYDU\LQJGHJUHHV7KHUHDUHIXUWKHUPRYHPHQWVZKLFKVW\OLVWLFDQG SDSHU VWXGLHV VXJJHVW VKRXOG DOVR EH LQFOXGHG LQ WKLV JURXS DOWKRXJK ZH RQO\ ILQG WUDFHVRIWKHPLQFRUSRUDWHGLQWRWKH/HLS]LJFDQWDWDVIRUH[DPSOH%:9DDDQG D2IWKHPRYHPHQWVRIWKHFRPSOHWHSUH/HLS]LJFDQWDWDVFRQWDLQFKRU DOHV7KDWLVIUDFWLRQDOO\RYHUDILIWK6RRQDYHUDJHHDFKFDQWDWDSRVVHVVHVMXVW RQHFKRUDOHVLQFHFDQWDWDVJHQHUDOO\FRPSULVHILYHRUVL[PRYHPHQWV7KHUHLVQRWKLQJ VXUSULVLQJDERXWWKLVVWDWLVWLFVLQFHZHDUHDFFXVWRPHGWR%DFK¶VFDQWDWDVFRQFOXGLQJ ZLWKDVLPSOHIRXUSDUWFKRUDOHVHWWLQJ%XWWKLVSUDFWLVHLVQRWDWDOOFKDUDFWHULVWLFRIWKH SUH/HLS]LJFDQWDWDVSUHFLVHO\KDOIGRQRWILQLVKZLWKVXFKDPRYHPHQW
7KHUH DUH PDQ\ FDQWDWDV LQ ZKLFK WKHUH LV QR FKRUDOH DW DOO %:9 RUHOVHDPRYHPHQWWKDWFRQWDLQVDFKRUDOHVHWWLQJZKLFKLVQRWSODFHGDW WKHHQG%:97KHODVWPRYHPHQWRI%:9EHDUVZLWQHVVWRDQ LQWHUHVWLQJH[SHULPHQW%DFKVHWVWKHILQDOIRXUOLQHVRIWKHFKRUDOHPHORG\³:LHVFK|Q OHXFKWHWGHU0RUJHQVWHUQ´>+RZEHDXWLIXOO\VKLQHVWKHPRUQLQJVWDU@IRUFKRUXVDQG RUFKHVWUDZLWKWKHVRSUDQRYRLFHIXQFWLRQLQJDVDFDQWXVILUPXV7KH:HLPDUYHUVLRQ RIDOPRVWFHUWDLQO\FRQFOXGHGZLWKDPRWHWOLNHVHWWLQJRIWKHFKRUDOH³:HUQXUGHQ OLHEHQ*RWWOlVVWZDOWHQ´>:KRHYHUOHWVRQO\WKHGHDU*RGUHLJQ@ZKLFKDWWKHHQGRI WKHSLHFHJLYHVDQDSSURSULDWHO\HPSKDWLFVHFXUHUHVWIRUWKHWRUPHQWHGDQGKHOSOHVV EHOLHYHUZKRIHDWXUHVWKURXJKRXWWKHFDQWDWDEXWILQGVVRODFHLQ*RG%:9ZKLFK ZDVZULWWHQIRUDIXQHUDOVHUYLFHHPSOR\VDUHPDUNDEOHQXPEHURIFKRUDOHPHORGLHV DQG%DFKFRQMXUHVDIXJDOWKHPHIURPWKHODVWOLQHRIWKHILQDOFKRUDOHPHDQLQJWKDWLQ
$OIUHG'UU6WXGLHQEHUGLHIUKHQ.DQWDWHQ-RKDQQ6HEDVWLDQ%DFKV/HLS]LJ%UHLWNRSI
>@
7KLVLVZHOOLQGLFDWHGE\WKHXQVHWWOHGGHYHORSPHQWRIWKHQHZFKXUFKPXVLFJHQUH
SUDFWLVHWKHODVWPRYHPHQWORVHVLWVFORVLQJFKRUDOHFKDUDFWHU7KHFDQWDWDVZKLFK GRFRQFOXGHZLWKDVLPSOHIRXUSDUWFKRUDOHVHWWLQJFDQQRWEHFRQVLGHUHGVFKHPDWLFHL WKHUVLQFH%DFKRIWHQZULWHVDILIWKLQVWUXPHQWDOYRLFHDERYHWKHFKRUDOHPHORG\ZKLFK EHVWRZVD³KDOR´³+HLOLJHQVFKHLQ´RQWKHHQGLQJRIWKHZRUNWKHVHDUH%:9
%:9DOOFRQFOXGHZLWKDVLPSOHFKRUDOH%DFK SHUIRUPHGWKHVHDJDLQLQ/HLS]LJDQGVRLWFDQQRWEHH[FOXGHGWKDWLQíKH SHUKDSVZURWHDQHZFORVLQJPRYHPHQWLQSODFHRIDQHDUOLHURQH,QWHUHVWLQJO\LQWKH FDVHRIWZRZRUNV%DFKGLGQRWZULWHDILQDOPRYHPHQWEXWIURP6DORPRQ)UDQFN¶V OLEUHWWRZHFDQGHGXFHZKDWWKHPLVVLQJFKRUDOHPXVWKDYHEHHQLQWKHFDVHRI%:9 :LWK%:9%DFKZURWHDWWKHHQG³&KRUDOH6LPSOLFHVW\OR´EXWGLGQRWDW WDFKWKHPHORG\
,QWKHVHHDUO\FDQWDWDV%DFKWUHDWHGWKHFKRUDOHPHORGLHVLQILYHZD\V
6LPSOHIRXUSDUWFKRUDOHVHWWLQJ
1HHGOHVVWRVD\WKHUHDUHPRUHRIWKHVHWKDQDQ\RWKHU±WZHOYHLQDOO±EHFDXVHRIWKHLU FORVHUHVHPEODQFHWRGDLO\FRQJUHJDWLRQDOK\PQVZLWKRUJDQDFFRPSDQLPHQW7KRVH SUHVHQWPD\HYHQKDYHMRLQHGLQ
+LGGHQFKRUDOHVHWWLQJ
7KLVLVWKHVHFRQGPRVWIUHTXHQWYDULHW\ZLWKHOHYHQUHSUHVHQWDWLYHV,WGHULYHVIURP WKHFRPELQDWLRQRIELEOLFDOWH[WDQGFKRUDOHPHORG\VRPHWKLQJIDPLOLDUIURPPRWHW VW\OH,Q%DFK¶VFDQWDWDVWKLVLVIRXQGLQDULDVRUGXHWVUDWKHUWKDQFKRUDOPRYHPHQWV DQGODUJHO\LQYROYHVD%LEOLFDOWH[W7KHPXVLFDOPDWHULDOEHJLQVZLWKXVKDYLQJQR VXVSLFLRQRIWKHVXEVHTXHQWHPHUJHQFHRIWKHFKRUDOHEXWRXUWKRXJKWV±VLPLODUWRDQ DVVRFLDWLRQSURGXFHGE\DWH[W±LVILQDOO\LQFDUQDWHGLQDFKRUDOHPHORG\
$YHU\EHDXWLIXOYRFDOH[DPSOHRIWKLVRFFXUVLQWKH$FWXV7UDJLFXVLHFDQWD WD%:9ZKHQWKHEDVV³YR[&KULVWL´VLQJV³+HXWHKHXWHZLUVWGXPLWPLULP 3DUDGLHVVHLQ´>7RGD\\RXZLOOEHZLWKPHLQ3DUDGLVH@WKHQVKRUWO\DIWHUZDUGVZHKHDU WKHDOWRVRORLVWVLQJWKHFKRUDOH³0LW)ULHGXQG)UHXGLFKIDKUGDKLQLQ*RWWHVZLOOHQ´
>:LWKSHDFHDQGMR\,JRRQP\ZD\LQ*RG¶VZLOO@
(YHQJUHDWHUGHPDQGVDUHSODFHGRQRXULPDJLQDWLRQZLWKDQRWKHUYDULDQWRIFKRU DOHVHWWLQJVZKHQDFKRUDOHPHORG\LVKHDUGLQWKHIRUPRIDQLQVWUXPHQWDOTXRWDWLRQ IRUH[DPSOHLQWKHILQDODULDRI%:97KHVRSUDQRVRORLVWVLQJV³/HW]WH6WXQGH
6HH$OIUHG'UU'LH.DQWDWHQYRQ-RKDQQ6HEDVWLDQ%DFK0LWLKUHQ7H[WHQ.DVVHO%lUHQUHLWHU
>@%G
3UREDEO\KHRQO\ZURWHRXWWKHKDUPRQLVDWLRQXSRQWKHQRZORVWVRORSDUWV 7KHUHLVMXVWRQHH[FHSWLRQ%:9
)XUWKHUH[DPSOHV%:9
EULFKKHUHLQ´>)LQDOKRXUEUHDNQRZIRUWK@ZKLOHLQWKHDULDVXUUHSWLWLRXVO\LQYLROLQ DQGYLRODXQLVRQZHKHDUWKHFKRUDOH³:HQQPHLQ6WQGOHLQYRUKDQGHQLVW´>,IWKHKRXU RIP\GHDWKLVDWKDQG@
&KRUDOFDQWXVILUPXVVHWWLQJ
7KHVHIRXUPRYHPHQWVODUJHO\IROORZWKHPRWHWWUDGLWLRQEHLQJFROODSDUWHRURQRF FDVLRQZLWKVHSDUDWHO\LQWURGXFHGRUFKHVWUDOYRLFHV,Q%:9ZHILQGERWKW\SHVLQ WKHILUVWPRYHPHQWWKHWZRYLROLQVKDYHWKHLURZQSDUWVZKLOHWKHWZRYLRODVDUHRQO\
LQGHSHQGHQWGXULQJWKHWZRRUFKHVWUDOLQWHUOXGHV:HGRQRWILQGLQVWUXPHQWDOSDUWVLQ WKH9HUVXV,9LIWKH\ZHUHSOD\HGLQWKHRULJLQDOYHUVLRQWKH\ZLOOFHUWDLQO\KDYHSUR JUHVVHGFROODSDUWH,QWKHFDVHRI%:9DQGWKHVHWWLQJRIWKHFDQWXVILUPXV KDVDQDUFKDLFFKDUDFWHUZLWKVWULFWFROODSDUWHSDUWV
2UJDQOLNHFKRUDOHVHWWLQJ
7KLVW\SHRIVHWWLQJLVFKDUDFWHULVHGE\WKUHHSDUWZULWLQJDQGWKHFKRUDOHPHORG\VXU URXQGHGE\ULFKRUQDPHQWDWLRQDQGLQWHUOXGHV2QHH[DPSOHLVLQ%:9WKHRWKHU LQ%:9
([SHULPHQWDOFKRUDOHVHWWLQJVFRPELQLQJGLIIHUHQW FRPSRVLWLRQDOWHFKQLTXHV
$OOWKUHHH[DPSOHVDUHTXLWHGLIIHUHQWLQWKHLURZQULJKWVRZHFDQQRWGHVFULEHWKHP DVUHSUHVHQWLQJD³W\SH´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
$VLPLODUH[SHULPHQWFRPELQLQJGLIIHUHQWFRPSRVLWLRQDOWHFKQLTXHVLVIRXQGLQWKH FORVLQJPRYHPHQWRI%:9ZKLFKLVWKHULFKHVWLQFKRUDOHVRIDOOWKHHDUO\FDQWDWDV 7KHILUVWOLQHRIFKRUDOHLVKHDUGIROORZLQJWKHILYHEDURUFKHVWUDOSUHOXGHLQDVLPSOH
)XUWKHUH[DPSOHV%:9H[FHSWLRQDOO\QRWD%LEOLFDOWH[WEXWDSRHP E\6DORPRQ)UDQFN
:HNQRZWKLVZRUNIURPPDWHULDOLQWHQGHGIRUDSHUIRUPDQFHLQ/HLS]LJVRLWLVTXLWHFRQFHLYDEOH±
DQGWKHUHDUHQXPHURXVVLPLODUH[DPSOHV±WKDW%DFKDOWHUHGWKHRUFKHVWUDWLRQWRORFDOUHTXLUHPHQWV 2IWKHFKRUDOHVHWWLQJVIRURUJDQWKLVPRVWFORVHO\UHVHPEOHV%:9³1XQIUHXWHXFKOLHEHQ
&KULVWHQJ¶PHLQ´7KHNH\LVHYHQWKHVDPH
:KLFKZHFDQUHJDUGDVWKHPHPEHURIDWKLUGJURXSFKRUDOFDQWXVILUPXVVHWWLQJVWRR
KRPRSKRQLFIRXUSDUWIRUPZLWKIXUWKHURUFKHVWUDODFFRPSDQLPHQWWKHQWKHRUFKHVWUD URXQGVRIIWKHFKRUDOHOLQHZLWKDQRUQDPHQWDOFORVLQJILJXUH7KLVRFFXUVDIWHUHDFK OLQHRIWKHFKRUDOHZLWKDVOLJKWO\GLIIHUHQWHPSKDVLVHDFKWLPH7KLVFRQWLQXHVXQWLO WKHILQDOHOLQHRIWKHFKRUDOHZKLFK%DFKFKRRVHVWRRSHQXSLQWRDQH[SDQVLYHIXJXH 7KHWKLUGH[DPSOH%:9FRPELQHVD/XWKHUDQOLWDQ\PHORG\ZLWKUHFLWDWLYH 'XHWRWKHUHFLWDWLYRDFFRPSDJQDWR%DFK¶VPXVLFLVUHPDUNDEO\ULFKLQLWVSRZHUIXO PDGULJDOFKDUDFWHU$IWHUHDFKRIWKHIRXUWH[WVZHKHDUWKHOLQHEHORQJLQJWRWKHOLWDQ\
WKHVRSUDQRVRORLVWLQWRQHVLWWKHQWKHFKRLUUHSHDWVWKHSUD\HUUDWKHUOLNHDFKXUFK FRQJUHJDWLRQLW,WLVLQWHUHVWLQJKRZWKLVPRYHPHQWFORVHO\UHVHPEOHVWKHFDQWDWDVRI -RKDQQ.XKQDXZULWWHQURXJKO\DWWKHVDPHWLPH
+DYLQJFRPSOHWHGWKLVUHYLHZRIKRZ%DFKVHWFKRUDOHVLQKLVSUH/HLS]LJFDQWDWDV OHWXVQRZFRQVLGHUWRZKDWGHJUHHWKHVHVDPHSHUVSHFWLYHVFDQEHIRXQGLQWKH/HLS]LJ FDQWDWDV$QGFDQZHREVHUYHDFRQVFLRXVFKDQJHRIDSSURDFK"
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¶VSUDFWLVHVLQVHWWLQJFKRUDOHVJUHZLQ WKHHDUO\/HLS]LJ\HDUV±IURPDILIWKRIDOOPRYHPHQWVWRDWKLUG±ZKLFKLVDOPRVWFHU WDLQO\DWWULEXWDEOHWRWKHLQWHQVLYHLQIOXHQFHRIWKHQHZHQYLURQPHQWDIHZ\HDUVODWHU DQGWKLVLQIOXHQFHZDVQRZKHUHQHDUDVVWURQJ:HPLJKWFRQVLGHUWKHLQIOXHQFHRI FKRUDOHVHWWLQJV%DFKZRXOGKDYHIRXQGLQWKHPXVLFOLEUDU\RIWKH7KRPDVNLUFKHDQG ZHZRXOGQRWEHIDUZURQJ%XWZHVKRXOGWDNHLQWRDFFRXQWRWKHUIDFWRUVIRUH[DPSOH LQ:HLPDU%DFKZDVFRPSRVLQJIRUWKHFRQJUHJDWLRQRIWKHSULQFH¶VFRXUWFKDSHOZKR ZHUHUDWKHUGLIIHUHQWLQWKHLUGHPDQGVWKDQWKHVRFLDOVWUDWDDWWHQGLQJFKXUFKLQDFRP PHUFLDOWRZQOLNH/HLS]LJ,Q:HLPDU%DFKSULPDULO\VHWWKHWH[WVRIWKHFRXUWSRHW 6DORPRQ)UDQFNDIROORZHURI(UGPDQQ1HXPHLVWHU1HXPHLVWHUUHIRUPHGWKHWH[WVRI WKHFDQWDWDJHQUHWKHFRPELQDWLRQRIELEOLFDOWH[WDQGFKRUDOHZKLFKKHOGVZD\LQWKH
3DUWLFXODUO\WRWKHILIWKPRYHPHQWRI.XKQDX¶VFDWDWD6HLPLUJQlGLJ
%:9LVDQH[FHSWLRQEHFDXVHLWFRQWDLQVDQRUJDQOLNHFKRUDOHVHWWLQJDOWKRXJKLWGLIIHUVLQEH LQJIRXUYRLFH
$PRQJWKHPWKHVHFRQGFKRUDOHFDQWDWDF\FOHVRHDFKFDQWDWDVHWVWKHFKRUDOHPHORG\LQDWOHDVW WZRGLIIHUHQWZD\V
HDUOLHVWSKDVHRIFDQWDWDKLVWRU\DQGZRXOGSOD\DSUHYDOHQWUROHLQWKHJHQUHRIWKH PRWHWXQWLOWKHVWDUWRIWKHWKFHQWXU\YLUWXDOO\GLVDSSHDULQJLQKLVYHUVHV,QVWHDG ZHILQGIRUPVWDNHQIURP,WDOLDQRSHUDGDFDSRDULDVDQGUHFLWDWLYHVWRRNFHQWUHVWDJH
%\ FRQWUDVW LQ /HLS]LJ ZKHUH WKHUH ZDV D YHU\ VWURQJ WUDGLWLRQ IRU FKRUDOH VHWWLQJ DQGVLQJLQJ%DFKKDGWRDGDSWWRORFDOH[SHFWDWLRQVZKLFKSHUKDSVZDVQRWDOLHQWR KLVWHPSHUDPHQWDQGSUHGLOHFWLRQIRUWKHDUFKDLFLQPXVLF3RVVLEO\WKURXJK.XKQDX
%DFKOHDUQHGDERXWWKHPXVLFDOSULQFLSDOVWREHIROORZHGDQGIRXQGWKHPLQKDUPRQ\
ZLWKKLVRZQWKRXJKWVDOWKRXJKKHZDVH[FHSWLRQDOO\VXVFHSWLEOHWRQHZSRVVLELOLWLHV IRUVHWWLQJFKRUDOHV,QSULQFHO\FRXUWVZKHUHWKH\SUHIHUUHGWRIROORZQHZIDVKLRQV
%DFKZRXOGQHYHUKDYHZULWWHQVXFKROGIDVKLRQHGSLHFHV%XWLQPRUHWKDQRQHPXVL FDOJHQUH%DFKSURYHGKHZDVZLOOLQJWRGUDZRQWKHKHULWDJHRIHDUOLHUIRUJRWWHQFRP SRVHUVZKRPKHUHVSHFWHG
,VKDOOQRZH[DPLQHWRZKDWGHJUHHKLVPHWKRGVRIFKRUDOHVHWWLQJGHYHORSHGKRZ PXFKWKH\FKDQJHGDQGZHUHUHILQHGFRPSDUHGWRWKHHDUO\SUH/HLS]LJ\HDUV
6LPSOHIRXUSDUWFKRUDOHVHWWLQJV
1DWXUDOO\WKHVHDUHDOVRLQWKHPDMRULW\DGGLQJXSWRPRYHPHQWV7KHUHDUHRQO\D EDUHKDQGIXOZKHUH%DFKKDVZULWWHQDILIWKXSSHUYRLFH%:9DOVRIHZ IURPWKHJURXSLQZKLFKKHVXSSOHPHQWVWKHIRXUSDUWWH[WXUHZLWKLQVWUXPHQWDOJURXSV WZRKRUQVWLPSDQL%:9ZLWKWLPSDQLZLWKRXW WLPSDQLWKUHHWUXPSHWVWLPSDQL%:9 RUWKUHHUHFRUGHUV%:9RUWKUHHRERHV%:9DQG DQGVRPHWLPHVWKHVWULQJVHFWLRQUHFHLYHVLWVRZQSDUWV%:9 :HFDQVHHWKDWDQHZYDULHW\RI³KDOR´DSSHDUVLQMXVWRIWKHVLPSOH IRXUSDUWFKRUDOHVHWWLQJVZKLOHWKHROG³KDOR´WKDWFKDUDFWHULVHGWKH:HLPDUFORVLQJ FKRUDOHVKDVDOPRVWHQWLUHO\GLVDSSHDUHG,QDGGLWLRQFHUWDLQPRYHPHQWVIURPWKH WZRFDQWDWDVZKLFKHYRNH:HLPDUVW\OH%:9DUHGHPRQVWUDEO\GHULYHGIURP DQHDUO\:HLPDUYHUVLRQVRZHFDQDVVHUWWKDW%DFKWRWDOO\JDYHXSWKLVVW\OHRIFRP SRVLWLRQLQ/HLS]LJLQYHU\VSHFLDOFDVHVKHXVHVDQHZW\SHRI³KDOR´RUFKHVWUDWHG ZLWKIDUJUHDWHUIRUFHV)RUH[DPSOHDOZD\VLQWKHFRQFOXVLRQVWR6W0LFKDHO¶VGD\
FDQWDWDV%:9IUHTXHQWO\LQFORVLQJPRYHPHQWWRWKHFRXQFLOHOHFWLRQ
)LQHH[DPSOHVDUH%:9DQG
7KH\FHUWDLQO\PHWDWWKHRUJDQLQVSHFWLRQLQ+DOOH
6XFKDZRUNLV7KH$UWRI)XJXH$OVRFKDUDFWHULVWLFRI%DFKZHUHWKFHQWXU\ZRUNVE\UHODWLYHV FROOHFWHGLQ$OW%DFKLVFKHV$UFKLY
%HFDXVHRILWVXQLTXHKDUPRQLFHIIHFWVLWLVZRUWKPHQWLRQLQJKHUHWZRFRQVHFXWLYHFDQWDWDVIURP WKHILUVWF\FOH%:9DQG,QWKHILUVWRSHQVZLWKDQDXJPHQWHGILIWKDQGDQLQFUHGLEO\KDU PRQLFVFKHPHLQWKHRWKHUWKHVXGGHQDSSHDUDQFHRIWKHVL[WKGHJUHHRIWKHPLQRUVFDOHLVTXLWH DVWRQLVKLQJIRUWKHOLVWHQHU
:HIRXQGLWLQQHDUO\DKDOI
FDQWDWDV%:9DQGDOVRRIWHQLQWKHQHZ\HDUFDQWDWDV%:9RU ZKHQKHMXVWZDQWHGDQDVWRXQGLQJHIIHFWWRLOOXVWUDWHDWH[W%:9
7KHFORVLQJFKRUDOHRI%:9±ZKLFKIURPPDQ\SRLQWVRIYLHZLVXQLTXH±UHSUH VHQWVDWUDQVLWLRQEHWZHHQWZRGLIIHUHQWVW\OHVRIVHWWLQJVR,VKDOOGHDOZLWKWKLVIXUWKHU EHORZDVDVL[WKW\SH%DFKWKHUHIRUHH[SDQGVWKHVRQRULW\RIFKRUDOHVQRWZLWKVROR LQVWUXPHQWVEXWZLWKFRQVRUWPXVLFWKDWORRNVEDFNWR5HQDLVVDQFHWUDGLWLRQVSURYLQJ WKDWVLQFHWKHWLPHRI-RKDQQ5RVHQPOOHUWKH/HLS]LJPXVLFDOJXLOGVWKH.XQVWJHLJHU DQGWKH6WDGWSIHLIHUZHUHFRQVWDQWO\SUHVHQWLQWKHFLW\¶VFKXUFKPXVLF
+LGGHQFKRUDOHVHWWLQJ
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
%:9DIUHHO\WUHDWHGDXJPHQWHGFDQRQLVFUHDWHGEHWZHHQWKHVOLGHWUXPSHWDQG WKHEDVV:KHQ%DFKXVHVWKHVHWHFKQLTXHVLQKLVFDQWDWD¶VLQWHULRUPRYHPHQWWKHUH ZLOOEHDGLIIHUHQWW\SHRIWH[WLQ%:9KHUHWDLQVWKH%LEOLFDOWH[WLQ%:9 DQGKHVHWVDFKRUDOHWRPXVLFZKLOHLQ%:9KHVHWVSDUDSKUDVHYHUVH 7KHVLWXDWLRQLVQRGLIIHUHQWZKHQDFKRUDOHTXRWDWLRQLVKHDUGYRFDOO\LQ%:9 DQGIUHHYHUVHIRUPVWKHEDVLVRIWKHGXHW:HILQGDTXLWHVSHFLDOFDVHLQ%:9
,WLVZRUWKPHQWLRQLQJWKHVWXG\RI$QGUHDV*O|FNQHULQZKLFKKHH[DPLQHVWKH/HLS]LJPDQXVFULSW RID1HZ<HDUFDQWDWDE\-RKDQQ)ULHGULFK)DVFK*UDSKRORJLFDOVWXGLHVVKRZWKDWWKUHHWKUHHWURP ERQHDQGWLPSDQLSDUWVZHUHDGGHGWRWKHFORVLQJFKRUDOHE\D/HLS]LJKDQG7KHZRUNZDVSHUIRUPHG LQWKH1HXNLUFKHFRQGXFWHGE\*HUODFK7KLVGHPRQVWUDWHVKRZVWURQJWKH/HLS]LJWUDGLWLRQVZHUH WKH1HZ<HDUFDQWDWDZRXOGQRWGLVSHQVHZLWKWKUHHWUXPSHWVDQGWLPSDQLHYHQLQDFKXUFKZKLFK IROORZHGPRUHPRGHUQWUHQGVWKDQWKHPDLQFKXUFK$QGUHDV*O|FNQHU³,Q)LQH,QWUDGDFRQ7URPEH H7DPEXUL´LQ%DFK-DKUEXFKKUVJYRQ3HWHU:ROOQ\/LSFVH(YDQJHOLVFKH9HUODJVDQVWDOW
±,Q%:9LWLVWKHIRXUWKYHUVHRI3VDOP,Q%:9WKHUHLVDQH[DFWIURP3DXO¶VOHWWHUWRWKH 5RPDQVLQ%:9DVHQWHQFHIURPWKH*RVSHORI6W/XNH
=LQFDQGWKUHHWURPERQHV
$YHUVHIURP6W/XNH¶V*RVSHOLVKHDUGIURPWKH0DJQLILFDW
ZKHUHWKHFKRUDOHHPHUJHVEHIRUHXVDVDUHFLWDWLYHVW\OHLQVWUXPHQWDOTXRWDWLRQ 1DWXUDOO\WKLVFDQRQO\EHDSRHPDQDGDSWDWLRQRIYHUVHV±WKDWIRUPVWKHEDVLV RIWKHZKROHFDQWDWD%DFKSODFHVWKLVVSHFLDOHIIHFWDWWKHHPRWLRQDOWXUQLQJSRLQWRI WKHFDQWDWDZKHQWKHPRRGRIWKHPXVLFFKDQJHVIURPELWWHUQHVVWRFRQVRODWLRQ±WKLV PRYHPHQWDOVRIRUPVWKHPLUURUD[LVRIWKHZRUN)LQDOO\WKHUHLVDOVRDSXUHO\LQVWUX PHQWDOFKRUDOHVHWWLQJLQWKHILUVWRIWKHFDQWDWDV%DFKFRPSRVHGLQ/HLS]LJ%:9 DVWKHLQVWUXPHQWDORSHQLQJRIWKHVHFRQGSDUWRIWKHFDQWDWD
,QVXPPDU\ZHFDQVD\WKDWWKHGHFOLQHPHQWLRQHGDERYHGHPRQVWUDWHVKRZ WKLV VW\OH RI WUHDWPHQW ZDV SKDVHG RXW LQ %DFK¶V DUW 2I WKH H[DPSOHV GLVFXVVHG DERYHIRXUDUHIURPWKHILUVWDQQXDOF\FOHIRXUIURPWKHVHFRQGZKLOHWKHUHPDLQ LQJWKUHHDUHIURPWKHHQVXLQJ\HDUVQRQHODWHUWKDQ7KLVGHFUHDVLQJWHQGHQF\
LVFOHDUWRVHH%HFDXVHWKHWH[WFRPELQDWLRQVRIWKHHDUO\FDQWDWDVFRXOGQRORQJHUEH XVHGLWLVYHU\LQWHUHVWLQJWRREVHUYHKRZ%DFKWULHGWRUHVFXHWKLVG\LQJPXVLFDOJHQUH LQWKH/HLS]LJFDQWDWDV±XVLQJSRHWU\LQWUDGLWLRQDOO\%LEOLFDOPRYHPHQWV±EXWLQWKH ODVW\HDUVRIKLVOLIHKHFRPSOHWHO\DEDQGRQHGWKLVVW\OH7KHGLVDSSHDUDQFHRIWKH KLGGHQFKRUDOHVHWWLQJVLQ%DFK¶VZRUNFDQSHUKDSVEHDWWULEXWHGWRDJHQHUDOFKDQJH LQPXVLFDOVW\OHVLQWKHWKFHQWXU\UDWKHUWKDQDQ\SDUWLFXODU/HLS]LJEDVHGIDFWRU
&KRUDOFDQWXVILUPXVVHWWLQJV
7KLVLVWKHW\SLFDORSHQLQJPRYHPHQWRIWKH/HLS]LJFKRUDOHFDQWDWDVWKHPRVWIUHTXHQW YDULHW\DIWHUWKHVLPSOHIRXUSDUWVHWWLQJV2IWKHPRYHPHQWVRIWKLVW\SHRQO\VL[
GRQRWEHORQJWRWKHDQQXDOFDQWDWDF\FOHV7KHHDUO\FDQWDWDVPHQWLRQHGDERYHDUHHDFK SURWRW\SHVIRU/HLS]LJFKRUDOHVHWWLQJSUDFWLVHVWKHPRWHWVW\OHWKHFRQFHUWRVW\OHDQG WKRVHHPSOR\LQJVSHFLDOHIIHFWV
7KHPRWHWVW\OHVHWWLQJWKHPRVWUHSUHVHQWDWLYHH[DPSOHVRIZKLFKEHLQJWKHILIWK FHQWUDOPRYHPHQWRI%:9WKHILUVWPRYHPHQWVRI%:9DQGDQG LQWKHVHFRQGPRYHPHQWRIFDQWDWD6RVL[LQVWDQFHVLQDOO&RPSDUHGWRWKHHDUO\
FRPSRVLWLRQVWKHSULQFLSDOGLIIHUHQFHLVWKDWLQWKH/HLS]LJZRUNV%DFKHOHFWVWRXVH
%DFKXVHVWKLVDQGVLPLODUHIIHFWVLQFDQWDWDZKHUHWKHFKRUDOHPHORG\LVLQWKHUHFLWDWLYRDFFRP SDJQDWRXSSHUYRLFH7KLVZRUNZLOOEHGLVFXVVHGVHSDUDWHO\ZLWK%:9
'UU'LH.DQWDWHQYRQ-RKDQQ6HEDVWLDQ%DFK
%DFKDWWHPSWHGDQRWKHUJHQHULFUHVFXHZLWKWKHSXEOLFDWLRQRIWKHVL[6FKEOHUFKRUDOHVLQ (DFKZRUNLVDQRUJDQWUDQVFULSWLRQRIDFDQWDWDPRYHPHQWRIWKHVHWZR%:9DQGIROORZ WKHGLVFXVVHGW\SH
,WPXVWEHVDLGWKDWZLWKWKHSHUIRUPDQFHRIZRUNVWKHSLFWXUHLVPRUHVKDGHGVLQFHFKXUFKFDQWDWDV ZHUHQRWSHUIRUPHGIRUDFRQFUHWHFHOHEUDWLRQLQWKH\HDURIWKHLUFRPSRVLWLRQEXWFRXOGEHSHU IRUPHGLQIROORZLQJ\HDUVDQGUHYLYHG7KXVWKHFDQWDWDZLWKWKHKLGGHQFKRUDOHFRXOGKDYHEHHQ KHDUGLQWKHVQRWWRPHQWLRQWKHUHYLVHG:HLPDUFDQWDWDV
0RUHLQWHUHVWLQJVWLOOLVWKDW%DFK¶VODVWZRUNWRXVHWKLVZDVWKH&UHGR,PRYHPHQWRIWKH%
PLQRU0DVVLQZKLFKWKHFKRUDOHPHORG\LVHPSOR\HGQRWIRUDELEOLFDOWH[WEXWDOLWXUJLFDORQHD
*UHJRULDQLQWRQDWLRQWKHDUFKDLFLQWHQWLRQVRIZKLFKDUHHYHQPRUHREYLRXV
DQDUFKDLFVW\OHRIQRWDWLRQZLWKODUJHUK\WKPLFYDOXHV7KHLUKDUPRQ\DOVRKDUNV EDFNWRWKHSUHYLRXVFHQWXU\7KHVWUXFWXUHRIWKHVHZRUNVLVVWULFWHUWKDQWKHLU:HLPDU SURWRW\SHVWKH\DUHZHOOZRUNHGRXWDQGWKHLUFRQVWUXFWLRQFRQWDLQLQJPDQ\XQFRQ YHQWLRQDOHOHPHQWVEHDUZLWQHVVWRWKHPDWXUH%DFK7KHFRPSRVHUFDQQRWUHVLVWWKH
%DURTXHYRJXHIRUYLVXDOZRUGSDLQWLQJKHVHWVWKHWH[W³VHLQJUDXVDP5VWXQJ´>KLV KRUULEOHHTXLSPHQWRIZDU@ZLWKVLPXOWDQHRXVULVLQJDQGIDOOLQJFKURPDWLFSDVVDJHV 7KHRSHQLQJPRYHPHQWRIFDQWDWDUHSUHVHQWVDWUDQVLWLRQWRWKHIROORZLQJW\SH VLQFHLWKDVERWKDQLQWURGXFWLRQDQGLQGHSHQGHQWLQVWUXPHQWDOSDUWVZKLOHUHWDLQLQJWKH SULQFLSDOVRIWKHPRWHWUDWKHUWKDQWKHFRQFHUWR6LPLODUO\WUDQVLWLRQDOLVWKHRSHQLQJ PRYHPHQWRIFDQWDWDZKHUHWKHRUFKHVWUDLVJLYHQLQGHSHQGHQWPDWHULDOGLVSHQVLQJ ZLWKDOOFRQFHUWRHOHPHQWVDVLI%DFKZLVKWRZULWHWKLVIRUWKHVLQJHUV
7KHODUJHVWQXPEHURIVHWWLQJVIROORZWKHFRQFHUWRSULQFLSOHZHFDQGLYLGHWKHP LQWRWZRJURXSVPRYHPHQWVHYRNLQJ9LYDOGL¶VFRQFHUWRZRUNVVXSSOLHGZLWKLQ VWUXPHQWDOVRORVPRYHPHQWVFRQVWUXFWHGDURXQGPRGHUQFRQFHUWRJURVVRWUDGLWLRQV GLVSHQVLQJZLWKWKHLQVWUXPHQWDOVRORVZKLFKDUHODUJHO\FRQVWUXFWHGZLWKLQVWUXPHQWDO JURXSLQJVLQGLDORJXHZLWKHDFKRWKHU7RWKHILUVWJURXSEHORQJV%:9 ZKHUHWKHFRQFHUWRFKDUDFWHURIHDFKLQVWUXPHQWLVVHOIHYLGHQW,QHYHU\
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
%:9LVDQH[FHSWLRQZKLFKLQPDQ\UHVSHFWVLVPRUHPRGHUQWKDQLVFRPSDQLRQSLHFHV
7KHPHORG\RIWHQLVQRWKHDUGLQWKHFKRUXVEXWRQLQVWUXPHQWVZKDWLVPRUHLQ%:9LQDFDQRQ E\DXJPHQWDWLRQ
7KLVEDVLFSULQFLSOHGHULYHVIURP9HQHWLDQWHFKQLTXHVDOWKRXJKIRU%DFK'LHWULFK%X[WHKXGHZDV WKHGLUHFWPRGHO
7KHPXVLFDOPDWHULDORIWKHRSHQLQJPRYHPHQWLVLGHQWLFDOZLWK%:97KHRUFKHVWUDWLRQLV KRZHYHUGLIIHUHQW
)RUH[DPSOH%:9 )RUH[DPSOH%:9
%:9
PRYHPHQW%DFKHPEHGVWKHILUVWFKRUDOHLQWRLQGHSHQGHQWPXVLFDOPDWHULDOWKHVHF RQG±ZKLFKLVOLQNHGWRWKHILUVWZLWKDUHFLWDWLYH±LWLVKHDUGLQDFDQRQRQRERHDQG FRUQHWWRDERYHWKHIDVWTXDYHUPRWLRQRIWKHEDVV
:HFDQVHHKRZ%DFKFUHDWHVDUHJXODUPHWKRGRIFKRUDOHVHWWLQJIURPDIRUPZKLFK KHWULHGRXWLQRQHRIKLVHDUOLHVWFDQWDWDVWKHRSHQLQJFKRUXVRI%:9,WZDVLPSRV VLEOHWRXVHLWDVDWHPSODWHVLQFHLQHYHU\PRYHPHQWZLWKWKHVDPHIRUPWKHUHUHPDLQV TXLWHXQLTXHLQGLYLGXDOIHDWXUHVWKDWVHHPWRGHI\DOODWWHPSWVDWFDWHJRULVDWLRQ
2UJDQOLNHFKRUDOHVHWWLQJV
&RPSDUHG WR WKH PHDJUH QXPEHU ZULWWHQ LQ :HLPDU ZH ILQG QXPHULFDOO\ PRUH LQ /HLS]LJEXWDVDSHUFHQWDJHILJXUHWKHUHDUHIHZHUWKDQEHIRUH%DFKJDYHFRO RXUWRWKLVW\SHE\YDU\LQJLQVWUXPHQWDOIRUFHVDQGVRORLQVWUXPHQWV0RVWHPSOR\WKH
IDPLOLDUWKUHHSDUWZULWLQJ%:9,WLVLQ
WHUHVWLQJWKDW%DFKDOVRZURWHWZRSDUWPRYHPHQWVLQWKLVVW\OH%:9DQG WKHXQLTXHVRQRULW\RIZKLFKJLYHVIRRGIRUWKRXJKW:HDOVRILQGIRXUSDUWYDULDQWV ZKLFKRQH[DPLQDWLRQDUHWULRVRQDWDPRYHPHQWVZLWKDFKRUDOHPHORG\DWWDFKHGWKXV
%:9DQG%:9LVILYHSDUWLQZKLFKWKHFKRUDOHLV KHDUGDFFRPSDQLHGE\WKHZKROHRUFKHVWUDDQG%:9ZKLFKZHKDYHGLVFXVVHG LQDQRWKHUFDWHJRU\LVZRUWKPHQWLRQLQJDJDLQ,WVSULQFLSDOGHYLDWLRQIURPWKHIRXUWK W\SHZKLFKLVSULPDULO\ZK\,KDYHQRWFDWHJRULVHGLWKHUHLVWKDWWKHFKRUDOHPHORG\LV KHDUGQRWLQDYRFDOEXWDQLQVWUXPHQWDOIRUP
([SHULPHQWDOFKRUDOHVHWWLQJVFRPELQLQJYDULRXVFRPSRVLWLRQDOWHFKQLTXHV
%DFK¶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
RIZRUNVRI
7KUHHRIWKHVH%:9ZHUHSXEOLVKHGDVWKH6FKEOHUFKRUDOHVIRURUJDQ 7KHSUHFHGHQWIRUWKHGXHWVRI%:9DQGDUHWKRVHIRXQGLQ%:9
RWKHUZHDYHVDURXQGLWDQGFRPPHQWVRQLW0RVWPRYHPHQWVKRZHYHUDUHUHSUHVHQ WDWLYHVRIDQLQWHUHVWLQJFRPELQDWLRQZKLFKIXVHVWKHUHFLWDWLYHZLWKWKHFKRUDOH)RU
%DFK±DQGSHUKDSVIRUWKHSULHVWVGHOLYHULQJWKHVHUPRQ±WKLVPD\GHULYHIURPWKH EHOLHIWKDWWKHFDQWDWDVKRXOGKDYHDUROHLQH[SODLQLQJWKHJRVSHOIROORZLQJ/XWKHUDQ LGHDOVLQSXWWLQJLWFHQWHUVWDJH$IWHUDOOWKHFDQWDWDZDVDNLQGRIPXVLFDOVHUPRQ 7KLVLVSUHFLVHO\ZK\%DFKH[SHULPHQWHGLQWUDQVSODQWLQJ/XWKHU¶VOLWHUDU\JHQUHLQWR PXVLF7KHVLPXOWDQHRXVHPSOR\PHQWRIUHFLWDWLYHDQGFKRUDOHUHVHPEOHVWKHH[SODQD WLRQVRIWKHSVDOPVWKDWDSSHDULQ/XWKHU¶VQRWHERRNVZKLFKLQWKRVHGD\VHYHU\RQH UHDGDOLQHIURPWKH%LEOHZLWKIRXURUILYHOLQHVRIH[SODQDWLRQ7KH%DFKHTXLYDOHQW ZDVDVXQJFKRUDOHOLQHZKLFKLVIROORZHGE\DQH[SODQDWLRQDWWDFKHGLQWKHUHFLWD WLYH7KHVRORLVWPD\VLQJWKHFKRUDOHPHORG\DVLQ%:9 DVLIFRQWHPSODWLQJWKHPVHOYHVEXWZHILQGH[DPSOHVRI ZKROHFKRLUVVLQJLQJZLWKWKHVRORLVWVDSSHQGLQJWKHFRPPHQWDU\VXFKDVZHZLWQHVV LQ%:9DQG
,QMXVWWZRSODFHVGRZHDJDLQILQGWKDWXQLTXHW\SHZKLFKFRPELQHVFKRUDOHZLWK WKH)UHQFKRYHUWXUH%:9DQG%DFK¶VLQWHQWLRQZLWKFDQWDWDLVWKHVDPH DVZLWKLWV:HLPDUFRXQWHUSDUWWKHRSHQLQJRIDQHZHUD±DW:HLPDULWZDVWKHFKXUFK
\HDULQ/HLS]LJWKHVWDUWRIWKHFKRUDOHFDQWDWDF\FOH$VIRULQWHUSUHWLQJ%:9ZH GRQ¶WKDYHPXFKVXSSRUWVLQFHEHVLGHVNQRZLQJWKHWLPHRILWVFRPSRVLWLRQZH NQRZQRWKLQJDERXWLWVFKXUFKSXUSRVH'UUDVVXPHVWKDW%DFKFRPSRVHGWKH)UHQFK RYHUWXUHLQKDUPRQ\ZLWKWKHFKRUDOHWH[W
7KHSDLULQJZLWKWKHFKDFRQQHLQWKHRSHQLQJPRYHPHQWRI%:9LVDXQLTXH FDVHDJDLQ%DFKZRUNV/XWKHU¶VSUD\HULQWRWKHRSHQLQJPRYHPHQWRIFDQWDWD DQG%:9LVDOVRXQLTXHZKHUHWKHFRPSRVHUH[SDQGVDGXHWLQWRDWULRZLWKWKH FKRUDOHPHORG\H[SRXQGHGLQWKHDOWRSDUW
&KRUDOHWUHDWPHQWLQWKH/HLS]LJPDQQHU
:HPXVWQRZORRNDWFKRUDOHWUHDWPHQWW\SHVZKLFKZRXOGKDYHEHHQOLVWHGXQGHUWKH ILIWKFDWHJRU\EXWEHFDXVHRIWKHLUFKDUDFWHUDQGDOVRWKHLUTXDQWLW\FUHDWHDVLJQLILFDQW JURXSLQWKHLURZQULJKW7KHVHPRYHPHQWVZHUHFRPSRVHGXVLQJDFRPSRVLWLRQDO WHFKQLTXHZKLFK%DFKKDGQRWHPSOR\HGDWDOOLQKLVHDUOLHUFUHDWLYH\HDUVDQGLQGHHG
)RUH[DPSOH%:9 )RUH[DPSOH%:9
$VZHILQGLQ%:9RIWKHSUH/HLS]LJFDQWDWDV
7KHDSSHDUDQFHRID)UHQFKRYHUWXUHZLWKRXWDFKRUDOHPHORG\LVQRWIUHTXHQWRFFXUULQJRQO\LQ RSHQLQJPRYHPHQWVRI%:9DQG
'UU'LH.DQWDWHQ%G³)OHPLQJV/LHGXUVSUQJOLFKPLWZHLWHUHQVSH]LHOODXIGLHVHQ
$QODZHLVHQGHQ6WURSKHQ]X%HJLQQHLQHUODQJHQJHIDKUYROOHQ5HLVHJHGLFKWHWKDWEHUHLWVWH[W OLFKGHQ&KDUDNWHUHLQHVµ$QIDQJVLQ*RWWHV1DPHQ¶´
7KHEULHIPHORG\RFFXUVWZLFHLQFRQWUDVWIRUPLQGHSHQGHQWRIWKHFKRUDOHLQXQLVRQRFKRUXVSDUWV
LWVSURWRW\SHRQO\DSSHDUHGLQ/HLS]LJ,QWHUHVWLQJO\DIWHUFRPSOHWLQJWKHILUVWWZRDQ QXDOF\FOHVRIFDQWDWDV%DFKODUJHO\JDYHXSXVLQJKLVVW\OHRIFKRUDOHWUHDWPHQWLPSO\
LQJWKDWKHKDGH[KDXVWHGLWVSRVVLELOLWLHV
7KHFRPPRQGHQRPLQDWRURI%:9 LVWKDWWKHFKRUDOHH[FOXVLYHO\RFFXUVDVDFORVLQJPRYHPHQW7KH PXVLFDOPDWHULDOH[SRXQGHGLQWKHRUFKHVWUDOLQWURGXFWLRQDOVRVXSSOLHVWKHPXVLFDO PDWHULDOIRUWKHLQWHUOXGHVDVZHOO2IWKRVHZRUNVPHQWLRQHGZKLFKGRQRWSRVVHVV DSUHOXGHZHFDQUHJDUGWKHFORVLQJFKRUDOHRIFDQWDWDDVSHUKDSVWKHSURWRW\SH ZKLFKWKH\UHVHPEOHEHVWRIDOO%XWWKHYDVWPDMRULW\RIWKLVJURXSLQWURGXFHDSDUD GLJPVKLIWLQKRZWKHPXVLFDOWH[WXUHVXUURXQGLQJDFKRUDOHLVIRUPHGDQGDVZHVKDOO VHHVXEVHTXHQWO\%DFKZDVODUJHO\GUDZLQJRQWKHKHULWDJHRI.XKQDXDQG6FKHOOH
%:9DQG
,QRXUH[DPLQDWLRQWKXVIDU,KDYHSXUSRVHIXOO\RPLWWHGWKHWZR³3UREHVWFN´WKHWZR DXGLWLRQSLHFHVZLWKZKLFK%DFKDSSOLHGIRUWKHMRERIFDQWRUDWWKH7KRPDVNLUFKH 6WUXFWXUDOO\%:9DQGDUHYHU\GLIIHUHQWWRHDFKRWKHUDOWKRXJKVW\OLVWLFDOO\WKH\
FRQWDLQFRPPRQHOHPHQWV$QH[DPLQDWLRQRIWKHFKRUDOHWUHDWPHQWVRIWKHWZRZRUNV LGHQWLILHVVRPHUHPDUNDEOHSKHQRPHQD:HILQGWKHVL[WKW\SHRIFKRUDOHVHWWLQJIRU WKHYHU\ILUVWWLPHLQ%DFK¶VZRUNZKDWLVPRUHLQERWKZRUNV,Q%:9ZHDUHHQ FKDQWHGE\WKHPRVWVLPSOHDOPRVW,WDOLDQRXWSRXULQJRIPHORG\HYRNLQJWKHLQILQLWH LQFDQWDWDWKHFRPSRVHUWUHDWVWKH/XWKHUDQ$QJXV'HLPHORG\LQWKUHHGLIIHUHQW ZD\VILUVWLQWKH³/HLS]LJPRGH´ZLWKUHODWLYHO\VORZRUFKHVWUDOPRWLIVUHPLQLVFHQWRI VLJKVWKHQLQDWKUHHSDUWFDQRQDQGILQDOO\DVDFDQWXVILUPXV,QWKHVHWZRQHZPRYH PHQWVIRUPVDSSHDUWKDWKDGQHYHUEHHQVHHQEHIRUHLQ%DFK¶VRHXYUH,WLVDVLI%DFK ZDVKRSLQJWRILQGIDYRXUZLWKWKH/HLS]LJDXGLHQFHE\ZULWLQJWKHILQDOPRYHPHQWRI KLVWZRFDQWDWDVLQDVW\OHWKH\ZRXOGIDYRXU3HUKDSVVRPHRQHKDGWROGKLPLQDGYDQFH ZKDWWKLVPLJKWEH":HGRNQRZWKDW%DFKKDGIULHQGVDQGDFTXDLQWDQFHVLQ/HLS]LJ 2UZDV%DFKLPPHGLDWHO\LQIOXHQFHGE\ZKDWKHIRXQGLQWKHPXVLFOLEUDU\ZKHQKH ZURWHFKRUDOHVHWWLQJVLQWKHVW\OHRI.XKQDX"
7KHWLPHKDVQRZFRPHWRVXPPDULVHWKHQXPEHUVRIFKRUDOHWUHDWPHQWVWKDWZH ILQGLQ%DFK¶VHDUO\SUH/HLS]LJFDQWDWDVDQGWKRVHKHZURWHLQ/HLS]LJ7DEOH7KHUH LV D FOHDU VKLIW LQ WKH FHQWUH RI JUDYLW\ 2I WKH HDUO\ FDQWDWDV WKH ILUVW WZR W\SHV RI WUHDWPHQWDUHDOPRVWHQWLUHO\HTXDO7KLVQHDWO\GHPRQVWUDWHVKRZWKH*HUPDQFDQWDWD GHYHORSHGIURPWKHIHUWLOHVRLORIPRWHWZULWLQJDVZHOODV%DFK¶VSUHGLOHFWLRQIRUXVLQJ WKHIDYRXUHGJHQUHVRIKLVRZQWLPHLQKLVILUVWHFFOHVLDVWLFDOZRUNV,WDOVRVKRZVWKDW
2IWHQWZLFHLQERWKFORVLQJPRYHPHQWVRIWZRSDUWFDQWDWDV ,IWKH\H[LVW,QWKHFDVHRI%:9WKH\GRQ¶W
,QWKHFDVHRI%:9DQGWKH\GHULYHIURPWKHFKRUDOHLQWKHRWKHUVWKH\GRQRW 7KHVL[PRWHWVKHZURWHLQKLVODWHU/HLS]LJ\HDUVDUHDILWWLQJWULEXWHWRKLVHDUOLHUPRWHWZRUN
LQLWLDOO\WKHVLPSOHIRXUSDUWFKRUDOHVHWWLQJVZHUHQRWW\SLFDOHOHPHQWVRIFDQWDWDV7KH WUDGLWLRQIRUVLPSOHIRXURUILYHYRLFHFKRUDOHEDVHGFORVLQJPRYHPHQWVEHJDQZLWK 5RVHQPOOHU8QOLNH.XKQDX%DFKDOVRQXUWXUHGWKLVWUDGLWLRQLQ/HLS]LJEHJLQQLQJLQ 7KLVDOVRH[SODLQVZK\RYHUKDOIRIWKHFDQWDWDVIURP/HLS]LJFRQFOXGHLQWKLV ZD\:LWKWKHRWKHUWUHDWPHQWW\SHVWKHUHDUHQRPDMRUGLIIHUHQFHV3HUKDSVRQO\WKH WKLUGW\SHLQ/HLS]LJVWDQGVRXWIRUEHLQJVLJQLILFDQWO\JUHDWHULQQXPEHUERWKLQWHUPV RIRWKHUFKRUDOHVHWWLQJPHWKRGVDQGWKHQXPEHUVIRXQGSUH/HLS]LJ$V,KDYHDOUHDG\
DOOXGHGWRWKLVW\SHLVWKHFKDUDFWHULVWLFRSHQLQJPRYHPHQWRIFKRUDOHFDQWDWDVZKLFK
%DFKFRPSRVHGLQODUJHTXDQWLWLHV7KLVIRUPSRVVLEO\LQWHUHVWHGKLPEHFDXVHKHFRXOG IXVHFKRUDOHVZLWKYHU\GLIIHUHQWPXVLFDOVW\OHVDQGWHFKQLTXHVZLWK,WDOLDQFRQFHUWRV DUFKDLFPRWHWVRU)UHQFKRYHUWXUHV$OVRWKHLQIOXHQFHRIWKHVWXQQLQJO\PHWLFXORXV FKRUDOHVHWWLQJVRIKLVSUHGHFHVVRUDWWKH7KRPDVNLUFKH-RKDQ6FKHOOHPD\DOVRKDYH FRQWULEXWHGWRWKLVW\SHRIPRYHPHQWILQGLQJIDYRXU
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
&KRUDOHWUHDWPHQWVLQWKH/HLS]LJVW\OH
/HWXVQRZDFTXDLQWRXUVHOYHVPRUHWKRURXJKO\ZLWKWKRVHFDQWDWDPRYHPHQWVZKLFK ,FDOOWKHUHSUHVHQWDWLYHVRIWKH/HLS]LJVW\OHRIFKRUDOWUHDWPHQWW\SHV$VDILUVWVWHS LWPDNHVVHQVHWRSODFHVWKRVHFDQWDWDVEHORQJLQJWRWKHVL[WKW\SHLQWRFKURQRORJLFDO
3HUKDSV WKLV LV D FRQVFLRXV H[SUHVVLRQ IURP %DFK WKDW KH WRRN WKH FORVLQJ FKRUDOH RI %:9
³:HOWDGHLFKELQGHLQ0GH´GLUHFWO\IURP5RVHQPOOHUZLWKRXWDOWHUDWLRQ Table 1: Chorale treatments in Bach’s early and Leipzig cantatas
7\SH 7\SH 7\SH 7\SH 7\SH 7\SH
(DUO\FDQWDWDV
±
/HLS]LJFDQWDWDV
RUGHU7KHHDUOLHVWDUHWKHWZRDXGLWLRQSLHFHV%:9DQGWKHQWKHWUHDWPHQWVZH ILQGLQWKHILUVW\HDURIWKH/HLS]LJFDQWDWDVIROORZVLQFKURQRORJLFDORUGHU%:9 ILQDOO\SLHFHVIURPWKHVHFRQGVHWRIFKRUDOH FDQWDWDV%:9DOWKRXJKWKHVHZLWKWKHH[FHSWLRQRI%:9DOO GDWHIURPODWHU2IWKHWKLUGDQQXDOVHWRQO\%:9KDVDSODFHKHUH
,KDYHDOUHDG\PHQWLRQHGWKHFORVLQJPRYHPHQWRI%:9LQWKHSUHYLRXVFKDS WHU%DFKLQFRPPRQZLWKWKHVHWWLQJVRI.XKQDXVHWVWKHILIWKVWDQ]DRIWKHFKRUDOH
³+HUU&KULVWGHUHLQLJ*RWWV6RKQ´>³/RUG-HVXV&KULVWWKHRQO\6RQRI*RG@PHWLFX ORXVO\DQGFRQVLVWHQWO\7KHHQGOHVVPHORG\RIWKHXSSHUYRLFHSHUKDSVDOOXGHVWRWKH LQILQLWHJRRGQHVVRI*RG±³(UW|WXQVGXUFKGHLQ*WH´>.LOOXVZLWK\RXUJRRGQHVV@±
DOWKRXJKWKHPRYHPHQWLVRWKHUZLVHZLWKRXWIXUWKHUSLFWRULDOPXVLFDOVHWWLQJ$V,ZLOO VKRZEHORZWKLVLVWKHZRUNLQZKLFK%DFKSUREDEO\FRQVFLRXVO\DWWHPSWHGWRIROORZ WKHVW\OHRI.XKQDX
2I TXLWH GLIIHUHQW FRQVWUXFWLRQ LV WKH FDQWDWD %:9 ZKLFK ZDV KHDUG RQ WKH VDPHGD\DV%:9RQWKHRFFDVLRQRIWKHDXGLWLRQIRUWKHSRVWRI/HLS]LJFDQWRU 7KH*HUPDQYHUVLRQRIWKHDQFLHQW*UHJRULDQ$JQXV'HLPHORG\³&KULVWHGX/DPP
*RWWHV´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
LQWHJUDWHGLQWRWKLV,QWKHVHFRQGSDUWRIWKHFKRUDOH%DFKFDOOVIRUDIDVWHUWHPSRDQG FKDQJHVWR%PDMRU,WLVDGHPRQVWUDWLRQRIKLVH[FHSWLRQDONQRZOHGJHRIFRXQWHUSRLQW WKHWZRRERHVSOD\LQJLQXQLVRQIROORZWKHVRSUDQRSDUWVLQJLQJWKHPHORG\WKURXJKRXW LQDFDQRQDWWKHIRXUWK,QDGGLWLRQDEDUDQGDKDOIODWHUWKHILUVWYLROLQVXUSULVLQJO\
DOVRJLYHVYRLFHWRWKHWKHPHDWKLUGKLJKHULQ'PDMRU,QWKHWKLUGSDUWWKHPXVLFDO PDWHULDOOLYHQVXSDQG%DFKXVHVWKHFDQWXVILUPXVFKRUDOHVHWWLQJRXUWKLUGW\SHLQ WKHFKRUXV7KHV\QFRSDWLRQVRIWKHRERHDQGWKHGRZQZDUGVFDOHSDVVDJHVRIWKHEDVV GHPRQVWUDWHWKDWDVDUHVXOWRIWKHLQLWLDOSOHDGLQJWKHZRUOGKDVEHHQUHGHHPHGDQG PHUF\SRXUVRYHU
7KHH[SODQDWLRQIRUWKHWKUHHIROGWUHDWPHQWLVWKDWWKHFKRUDOHDOVRGLYLGHVLQWRWKUHH³&KULVWHGX /DPP*RWWHVGHUGXWUlJVWGLH6QGGHU:HOWHUEDUPGLFKXQVHU&KULVWHGX/DPP*RWWHVGHUGX WUlJVWGLH6QGGHU:HOWHUEDUPGLFKXQVHU&KULVWHGX/DPP*RWWHVGHUGXWUlJVWGLH6QGGHU :HOWJLEXQVGHLQ¶)ULHGHQ´
7KH FDQWDWD %:9 ZDV WKH ILUVW ZRUN %DFK FRPSOHWHG RQ WDNLQJ XS KLV QHZ SRVWDQGKHVHWVWKHFKRUDOH³:DV*RWWWXWGDVLWVZRKOJHWDQ´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
%DFKH[SORLWHGWKHQHXWUDOQDWXUHRIWKHWH[WLQDVPXFKDVKHLQFOXGHGWKLVFKRUDOH VHWWLQJLQFDQWDWDFRPSRVHGEHWZHHQDQGIRUQHZIRUFHV7KLVFDQWDWD ZDVFOHDUO\ZULWWHQIRUDVSHFLDORFFDVLRQSRVVLEO\DZHGGLQJWKHRSHQLQJPRYH PHQWLVDUHRUFKHVWUDWHGYHUVLRQRIDQRWKHUFDQWDWDPRYHPHQW±DXJPHQWHGZLWKWZR KRUQVDQGDSDLURIWLPSDQL7RPDNHWKHKRUQVDQRUJDQLFSDUWRIWKHZKROHFDQWDWD ZKLFKIROORZVWKHSHURPQHVYHUVXVSULQFLSOH%DFKDGGVDGGLWLRQDOEDUVLQSODFHVVR WKHVHFRQGYHUVLRQLVVRPHVHYHQEDUVORQJHUWKDQLWVPRGHO7KHFKRUDOH¶VILQDOYHUVH LVKHDUGDERYHWKHRUFKHVWUDOPDWHULDOZKLFKPDNHVLWHYHQPRUHFHOHEUDWRU\)URPWKLV ZHFDQGHGXFHWKDWLQWKHFKRUDOHVHWWLQJRIWKHODVWPRYHPHQWRI%:9%DFKZDV DOVRWKLQNLQJRIWKHILQDOVWDQ]D
7KHFRQVWUXFWLRQRIFDQWDWDHQWLUHO\DJUHHVZLWKWKHDIRUHPHQWLRQHG%:9 ZLWKWKHLPSRUWDQWGLIIHUHQFHWKDWWKHVLQIRQLDZKLFKRSHQVWKHVHFRQGKDOIGRHVQRW FRQWDLQDFKRUDOH7KHFORVLQJFKRUDOHVRIERWKVHFWLRQVDUHVLPLODUZLWKLGHQWLFDOPX VLFDOPDWHULDODQGWUHDWPHQWDOWKRXJKWKHHPSOR\PHQWRIDQHZLQVWUXPHQWQRWIHD WXULQJLQ%:9WKHWURPEDGDWLUDUVLRUVOLGHWUXPSHWIXQGDPHQWDOO\FKDQJHVWKH
%DFKQHYHUZURWHWKHHQWLUHWH[WRIFKRUDOHVLQWKHGUDIWRIKLVVFRUHKHMXVWLQGLFDWHGWKHRSHQLQJ ZRUGVRQWKHVRSUDQRRUEDVVSDUW$VHDFKYHUVHEHJLQVZLWK³:DV*RWWWXWGDVLVWZRKOJHWDQ´
WKHVHWKUHHZRUGVDUHRIFDUGLQDOLPSRUWDQFHDOWKRXJKIRU%DFKLWZDVDSUDFWLFDOPDWWHU
+RZLWZDVXVHGE\WKHFKXUFKLVXQNQRZQWKLVVXSSRVLWLRQLVIURP$OIUHG'UU'UU'LH.DQWDWHQ
%G6HH6RPD'LQ\pV³6]|YHJpV]HQHNDSFVRODWD%DFKHOVĘOLSFVHLNDQWiWDpYIRO\DPiQDNNyUXVWpWHOHLEHQ
>7KHUHODWLRQVKLSRIWH[WDQGPXVLFLQWKHFKRLUPRYHPHQWVRI%DFK¶VILUVW/HLS]LJFDQWDWD\HDU@´LQ
%DFK7DQXOPiQ\RNHGE\.DWDOLQ.RPOyV%XGDSHVW0DJ\DU%DFK7iUVDViJ>+XQJDULDQ%DFK 6RFLHW\@í
RUFKHVWUDOWH[WXUH7KHUROHRIWKHVOLGHWUXPSHWWKURXJKRXWWKHPRYHPHQWLVWRLQWRQH WKHLQGLYLGXDOOLQHVRIWKHFKRUDOH³(VZROOXQV*RWWJHQlGLJVHLQ´>0D\*RGEHJUD FLRXVWRXV@EHIRUHWKHHQWU\RIWKHIRXUSDUWFKRLU7KHPXVLFDOVHWWLQJRIWKLVFKRUDOH LQWKH3KU\JLDQPRGHZLWKLWVEDURTXHPDMRUPLQRUZRUOGRIKDUPRQ\UHVXOWVLQVRPH LQWHUHVWLQJPRGXODWLRQVDWWKHHQGRIWKHFKRUDOHSDUWVHPHUJLQJIURPWKHKRPSKRQLF PDWHULDOPDNHVWKLVHYHQPRUHH[FLWLQJ
:H ZLWQHVV KHUH %DFK WKH HQWKXVLDVWLF LQQRYDWRU EXUVWLQJ IRUWK WKH FKDUDFWHU RIWKHRUFKHVWUDOPDWHULDOKDVOHGWRDXQLILHGPXVLFDOWH[WXUHWRWKLVSRLQWEXWWKHQ EUHDNVLQWRWKUHHSDUWV7KHILUVWLVWKHVOLGHWUXPSHWZLWKLWVLQWRQDWLRQRIWKHFKRUDOH PHORG\WKHVHFRQGLVWKHFRQVWDQWDFFRPSDQLPHQWRIWKHVWULQJRUFKHVWUDVSLFHGZLWK V\QFRSDWLRQVWKHWKLUGLVWKHUHPDUNDEOHILJXUHLQWKHEDVVDIWHUWKUHHULVLQJVHPL TXDYHUVDGHVFHQGLQJODUJHLQWHUYDOQHDUO\DOZD\VDVHYHQWKVDOWXVGXULXVFXOXV7KLV H[FHSWLRQDOO\H[SUHVVLYHUKHWRULFDOILJXUHLVDPHQWDOFRQWLQXDWLRQRIWKHSUHYLRXVUHFL WDWLYH³'UXPVHLGLUGLHV*HEHWGHPWLJ]XJHVFKLFNW´>7KHUHIRUHOHWWKLVRXUSUD\¶U PRVWKXPEO\FRPHWRWKHH@FRQFOXGLQJZLWKDFRORQ7KHUHYHUHQFHRIWKHEDVVSDUW H[SUHVVHVKXPLOLW\EHIRUH*RG([DPSOH
7KHFORVLQJFKRUDOHRI%:9DOVREHJLQVDVDFRQWLQXDWLRQRIWKHSUHYLRXVPRYH PHQWGHVSLWHLWV)PDMRUWRQDOLW\ZLWKDQ$PDMRUFKRUG3HUKDSVWRHPSKDVLVHWKH VHQVHRIFRQWLQXLW\%DFKGLVSHQVHVZLWKDQRUFKHVWUDOSUHOXGHDQGWKHFKRLULPPHGL DWHO\VLQJVWKHILUVWOLQHVRIWKHILUVWVWURSKHRIWKHFKRUDOH³2*RWWGXIURPPHU*RWW´
>2K*RG\RXPHUFLIXO*RG@%HVLGHVWKHVWULQJDQGRERHSDUWVWKHUHLVDOVRDSDUWIRU
³&ODULQR´ZKLFKLVQRWLQ%DFK¶VRZQKDQGDQGZKLFKSUREDEO\LQGLFDWHGDQ)PDMRU EDURTXHKRUQZKLFK.XKQDXFDOOHGWKHFRUQRJUDQGH7KHPDWHULDORIWKHRUFKHVWUDO LQWHUOXGHLVHQWLUHO\LQGHSHQGHQWRIWKHFKRUDOHPHORG\DQGWKHZRUG%UXQQTXHOOIRXQG LQWKHVHFRQGOLQHRIWKHFKRUDOHLVH[SORLWHGIRULWVHIIHFWV%UXQQHTXHOOFRPSULVHV WZRZRUGV³ZHOO´%UXQQHDQG³VSULQJ´4XHOOH,WLVDVWKRXJKDOOWKHRUFKHVWUDO LQWHUOXGHLVLPLWDWLQJWKHVXEWO\XQGXODWLQJZDWHUVLVVXLQJIURPWKHVSULQJZKLOHWKH KRUQSHGDOUDGLDWHVDQH[FHSWLRQDOO\UHOD[HGVHQVHRIFRQWHPSODWLRQDQGWKHFRQVROD WLRQIRXQGLQ*RG
7KHFRQWLQXRXVVHPLTXDYHUPRWLRQRIWKHXSSHURUFKHVWUDOSDUWVRIWKH%:9 LWVPHORG\LQGHSHQGHQWRIFKRUDOHDQGWKHMR\RXVWULSOHWLPHSXOVHLQDGYHUWHQWO\UH
7KHLUPXVLFDOPDWHULDOLVTXLWHLGHQWLFDOGXULQJWKHWUXPSHWDQGFKRUXV
:HILQGVLPLODUSLFWRULDOGHSLFWLRQVLQRQHRI%DFKRUJDQSLHFH%:9LQWKH2UJHOEFKOHLQ
³'XUFK$GDPV)DOOLVWJDQ]YHUGHUEW´ZKHUHWKHSHGDOPDNHVIUHTXHQWGRZQZDUGOHDSVLQGLPLQ LVKHGVHYHQWKVV\PEROLVLQJ$GDP¶VIDOOIURPJUDFH
7KH(QJOLVKWUDQVODWLRQRIWKHVHFRQGOLQHLV³27KRXVRXUFHRIHYHU\JUDFH´
7KHGHSLFWLRQRIZDWHULVQRWUDUHLQ%DFK¶VZRUN,QP\RSLQLRQWKHRSHQLQJFKRUXVRIWKH6W-RKQ 3DVVLRQ EHJLQV ZLWK WKH ZDYHV RI WKH .LGURQ VWUHDP VHWWLQJV RI WKH FKRUDOH ³&KULVW XQVHU +HUU ]XP-RUGDQNDP´DOZD\VIHDWXUHWULFNOLQJZDWHU%:9WKHVHFXODUFDQWDWD³6FKOHLFKW VSLHOHQGH:HOOHQ´%:9IHDWXUHVDOOHJRULFDODSSHDUDQFHVE\WKHIRXUJUHDWULYHUVRI6D[RQ\
WKH9LVWXOD(OED'DQXEHDQG3OHLH
FDOOV WKH FORVLQJ FKRUDOH RI .XKQDX¶V &KULVWPDV FDQWDWD8QV LVW HLQ .LQG JHERUHQ (YHQWKHYRLFHOHDGLQJRIWKHEDVVLQEDUVDQGILOOVDQLGHQWLFDOUROH([DPSOHV í,IWKLVPXVLFLVQRQHWKHOHVVPRUH³%DFKLDQ´LWLVGXHWRWKHPXVLFDOWH[WXUHEH LQJQHYHUOHVVWKDQIRXUSDUW%DFKGRHVQRWLQVHUWWKHOLQHVRIWKHFKRUDOH³1XQORE PHLQ6HHOGHQ+HUUHQ´>1RZSUDLVHP\VRXOWKH/RUG@LQGLYLGXDOO\LQWRWKHPXVLFDO WH[WXUHEXWLQWKHLQWHUHVWVRIPXVLFDOFRQWLQXLW\WHQGVWRXVHWKHPWZRDWDWLPHWKH UK\WKPLFRUQDPHQWDWLRQVRIZKDWLQSULQFLSDODUHKRPRSKRQLFFKRLUSDUWVPDNHVWKH FKRLUPDWHULDOLWVHOISRO\SKRQLFDORQJVLGHWKHG\QDPLFRUFKHVWUDOSDUWV7KHPRYHPHQW RWKHUZLVHLVGHYRLGRIPRUHSURIRXQGPXVLFDODVVRFLDWLRQV7KHVOLGHWUXPSHWLVQRWDO ORWWHGDVRORUROHDQGVLPSO\UHLQIRUFHVWKHFKRUXVVRSUDQRV
7KHZHOONQRZQFKRUDOHVHWWLQJRI%:9LVKHDUGDWWKHHQGRIERWKSDUWVRI WKLVWZRSDUWFDQWDWD7KHVL[WKDQGVL[WHHQWKVWDQ]DVRIWKHFKRUDOHEHJLQQLQJ³-HVX PHLQHU6HHOHQ:RQQH´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
³:RKOPLUGDLFK-HVXPKDEH´>*RRGWKDW-HVXVLVZLWKPH@DQG³-HVXVEOHLEHWPHLQH )UHXGH´>-HVXVUHPDLQVP\IULHQG@7KHFKRUDOHOLQHVDUHLQFRUSRUDWHGLQGLYLGXDOO\LQWR WKH RUFKHVWUDO PDWHULDO GXULQJ WKH LQWURGXFWRU\ HLJKW EDUV RI ZKLFK WKH XSSHU YRLFH SOD\VWKHILUVWWZRFKRUDOHOLQHVLQDQRUQDPHQWHGEXWQRQHWKHOHVVGLVWLQFWPDQQHU7KH VOLGHWUXPSHWDJDLQLVDOORWWHGWKHUROHRIUHLQIRUFLQJWKHFKRUXVVRSUDQRVEXWLQWKH VL[WKFKRUDOHOLQHSOD\LQJLQLWVQDWXUDORYHUWRQHRI&PDMRU±WKLVWLPHZLWKDEULJKWHU WLPEUH±LWPDNHVDPLUDFXORXVFRQWULEXWLRQWRWKHXQIROGLQJRIWKHOLQHRIWKHVR SUDQR¶VFKRUDOHPHORG\
7KHRUFKHVWUDOSHGDOKHDUGDIWHUWKHILQDOFKRUDOHOLQHDQGWKH*PDMRUWRQDOLW\ERWK DUHLQDJUHHPHQWZLWK$OIUHG'UU¶VVXJJHVWLRQRIDSDVWRUDOEDVLFWRQH±WKLVLVDZHOO HVWDEOLVKHGPXVLFDOH[SUHVVLRQRIWKHFRQFHSWRI-HVXVDVJRRGVKHSKHUGHYHQLIWKHUHLV QRH[SOLFLWPHQWLRQRIWKLVLQWKHFDQWDWDWH[W
%:9LVDQRWKHUWZRSDUWFDQWDWDDOWKRXJK%DFKZURWHPRVWRILWVPRYHPHQWV ZKLOHLQ:HLPDU1DWXUDOO\WKHFKRUDOHVHWWLQJWKDWFORVHVERWKSDUWVLVFOHDUO\DQHZ FRPSRVLWLRQ 7KH IRXUEDU RUFKHVWUDO LQWURGXFWLRQ LV EDVHG RQ WKH %DURTXH PXVLFDO
,WVKRXOGEHQRWHGWKDWWKHPRVWLPSRUWDQWVHFWLRQRIWH[WLVSODFHGWKHUH³XQGVLFKPLU]XHLJHQ JLEHW´³DQG-HVXVJLYHVKLPVHOIWRPH´
'UU'LH.DQWDWHQ%G
SUDFWLVHRIGLDORJXHEHWZHHQLQVWUXPHQWDOJURXSV7KHKDOIEDUGLDORJXHEHWZHHQRERHV DQGVWULQJVDQGWKHQWKHLUXQLILFDWLRQLQXQLVRQSUHVDJHVWKHEDVLFWRQHRIWKHWZHOIWK VWURSKHRIWKHFKRUDOH³(VLVWGDV+HLOXQVNRPPHQKHU´>6DOYDWLRQKDVQRZFRPHIRU DOO@WKHGLDORJXHEHWZHHQ*RGDQGPDQUHTXLUHVFRQVWDQWVHOIGHQLDORQWKHSDUWRI PDQ7KLVVWUXJJOHLVFKDUDFWHULVHGE\WKHHQWULHVRIWKHORZHUWKUHHYRLFHVRIWKHFKRUXV DOZD\VGHOD\HGDQGGLPLQLVKHGWRKDOIYDOXHVFRPSDUHGWRWKHFKRUDOHPHORG\VXQJE\
LQWKHVRSUDQRSDUW0RUHRYHULQSODFHRIWKHKRPRSKRQLFFRQVWUXFWLRQSHUPHDWHGE\
WKHH[SHFWHGUK\WKPLFRUQDPHQWDWLRQV±DSDUWIURPWKHILUVWFKRUDOHOLQH±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¶V:HLPDUSHULRG WKHVLPSOHIRXUSDUWFKRUDOHVHWWLQJLVSDLUHGZLWKDQREOLJDWRYLROLQVROR3HUKDSVWKH FRPSRVHUIHOWWKDWWKHWUHDWPHQWVW\OHRIKLVHDUOLHUSHULRGEHWWHUVXLWHGWKHPDWHULDOFUH DWHGLQ:HLPDU
%:9LVWKHILUVWRIWKHRQHSDUWQHZO\FRPSRVHGFDQWDWDVDQGKDVDPLUDFX ORXVO\PHWLFXORXVVWUXFWXUHDQGXQLILHGVXEMHFWPDWWHU+RZHYHULWLVQRWDWDOOLQWKH VDPHIHVWLYHVW\OHRUOHQJWKDVWKHFDQWDWDVLQWKHVL[ZHHNVSUHFHGLQJLW7KHHOHYHQWK YHUVHRIWKHFKRUDOHPHORG\³-HVXGHUGXPHLQH6HHOH´DVWKHFORVLQJJHVWXUHRIWKH ZRUNUHFHLYHVDTXLWHXQLTXHDFFRPSDQLPHQW2IFRXUVHZHPXVWILQGWKHUHDVRQIRU WKLVLQWKHWH[WDQGWKHILUVWFKRUDOHOLQHVXSSOLHVWKHDQVZHU³1XQLFKZHLGXZLUVW PLUVWLOOHQPHLQ*HZLVVHQGDVPLFKSODJW´>1RZ,NQRZ<RXZLOOTXLHWHQP\WRUWXUHG FRQVFLHQFH@7KHZLQGLQVWUXPHQWVVOLGHWUXPSHWWZRRERHVSUREDEO\UHLQIRUFHGWKH FKRUXVEHFDXVH%DFKHPSOR\VHIIHFWVLQWKHRUFKHVWUDOPDWHULDOWKDWDUHVRLGLRPDWLF IRUVWULQJLQVWUXPHQWVWKDWLWZRXOGEHLQFRQFHLYDEOHWKDWKHZRXOGKDYHXVHGWKHZLQG
6LPLODUH[FHSWLRQVDUH%:9DQGWK6XQGD\DIWHU7ULQLW\%:9WK6XQGD\DIWHU 7ULQLW\%:9DQG6H[DJHVLPD6XQGD\%:9DQG4XLQTXDJHVLPD6XQGD\DQG
%:9DQG(DVWHU0RQGD\2QO\%:9LVDQHZFRPSRVLWLRQ
%RWKDUHUHYLYDOVRIHDUOLHUFRPSRVLWLRQV
Example 1: BWV 76, No. 14. Choral, bars 1–8.
Example 2: BWV 167, No. 5. Choral, bars 1–9
Example 3: Kuhnau, Uns ist ein Kind geboren, No. 8. Choral, bars 1–14
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
WKHUHVRQDQFHRIWKHFKRUDOH7KHVHPLTXDYHUVWULQJYLEUDWRDFFRPSDQLPHQWWRFKRUDOH OLQHVíEHFRPHVDWULSOHWWKHQZLWKYHUVHVíDTXDYHUDQGZLWKíDWULSOHWDJDLQ ZKLOHLQWKHSRVWOXGHTXDUWHUDQGKDOIQRWHVSUHSDUHWKHILQDOQRWHRIWKHZRUN7KHFRQ WLQXRXVVORZLQJRIWKHUK\WKPLFYDOXHVREYLRXVO\GHSLFWVFRQVFLHQFHUHVWLQJLQIDLWK
%DFKDJDLQVXERUGLQDWHVWKHZKROHRIWKHFKRUDOHVHWWLQJWRDVLQJOHHIIHFWJXLGHGE\D IDQWDVWLFLGHDDQGWRDZRUGVWLOOHQ±TXLHWHQZKLFKVXFFHHGVVRZHOOWKDWWKHPXVLF GRHVLQGHHGEHFRPHDSLFWRULDOSRUWUD\DO
%:9IRUWKHIROORZLQJ6XQGD\LVDQH[FHSWLRQDOPDVWHUSLHFHEXWWRXQGHU VWDQGWKHFORVLQJFKRUDOHZHKDYHWRIROORZWKHPXVLFDOILJXUHVIURPWKHYHU\VWDUW RI WKH FDQWDWD7KH RSHQLQJ PRYHPHQW LV WKH *HUPDQ WUHDWPHQW RI WKH ZHOO NQRZQ /DWLQUHVSRQVRU\2YRVRPQHVTXLWUDVLWLVSHUYLDP%DFKXVHVH[FHSWLRQDOO\GUDPDWLF FKRUGVUK\WKPVDQGIRUPVWRH[SUHVVWKHSDLQ7KHVHFRQGPRYHPHQWLVDQXQXVXDOO\
ULFKO\RUFKHVWUDWHGUHFLWDWLYRDFFRPSDJQDWRLQZKLFKEHVLGHVWKHVWULQJVWZRUHFRUGHUV DUHDOORWWHGWKHWDVNRIGHSLFWLQJWKHPRVWLPSRUWDQWPXVLFDOHIIHFWV7KHWH[WODPHQWV IRUWKHGHVWUR\HG-HUXVDOHPEODPLQJLWVIRUPHULQKDELWDQWVIRUQRWSD\LQJDWWHQWLRQ WR-HVXV¶VWHDUVVRQRZWKH³VHDZDYHVRIHPRWLRQ´DUHJRLQJWRGHVWUR\WKHVLQQHUV 7KHUHLVQRVKRUWDJHRIDVWRXQGLQJFKRUGVHTXHQFHVLQWKLVPRYHPHQWEXWSHUKDSVLWV PRVWLQWHUHVWLQJPXVLFDOIHDWXUHLVWKDW%DFKGHSLFWVWKHZDWHUPRWLILQWKUHHSODFHV ZLWKWKHFRQVWDQWXVHRIVPDOOPRWLIVIURPWKHUHFRUGHUV,QWKHILUVWPRPHQWLWLVWKH
³YHVVHORIWHDUV´WKHQ³WKHWHDUVRI-HVXV´DQGILQDOO\LQFUHPHQWDOO\WKH³ZDYHVRI HPRWLRQ´>GHV(LIHUV:DVVHUZRJHQ@7KHPRYHPHQWLVIROORZHGE\DEDVVDULDZLWK LWVH[FHSWLRQDOO\YLVXDOGHSLFWLRQRIWKHVWRUPVRPHWKLQJXQLTXHLQ%DFK¶VRHXYUH7KH WUHDFKHURXVO\GLIILFXOWVHPLTXDYHUUXQVIURPWKHVOLGLQJWUXPSHWWKHFRQVWDQWO\UHWXUQ LQJVWULQJWUHPRORVDQGWKHFKURPDWLFEDVVILJXUHVGUDPDWLFDOO\SRUWUD\WKHVWRUPZKLFK
*RGKDVXQOHDVKHGRQWKHVLQQHUV7KHVHFRQGDULDIRUPVDFRQWUDVWZLWKWKHILUVWLWV XQXVXDORUFKHVWUDWLRQLVGXHWRWKHOLQHVRIWKHWH[W³HUVDPPOHWVLHDOVVHLQH6FKDIH
7KHRULJLQDOSDUWVDUHVDGO\ORVW%DFKGLGQRWDOZD\VZULWHWKHSUHFLVHVFRULQJRQKLVPDQXVFULSWV EHFDXVHKHVXSHUYLVHGWKHFRS\LVWV6RLWLVQRWDOZD\VREYLRXVZKLFKSDUWEHORQJVWRZKLFKLQVWUX PHQW)RUPRUHVHH'LQ\pV³6]|YHJpV]HQHNDSFVRODWD´í
'UU'LH.DQWDWHQ%G
,QWKHVHFDQWDWDVWKHIDQWDVWLFDOO\GUDPDWLFUHFLWDWLYRDFFRPSDJQDWRW\SHHYROYHGZKLFKZDVXVHGWR FRPPHQWRQHYHQWVLQWKH6W0DWWKHZ3DVVLRQWRXQSDUDOOHOHGHIIHFW